Three Deaths Over iPhone EMI Raise Concerns on Consumer Debt in India
A tragic incident in Maharashtra has drawn attention to the growing burden of consumer debt linked to high-end smartphones. Kunal Chandgude, 19, and his parents—Murlidhar, 48, and Sangeeta—died after a three-hour standoff that ended in all three falling off a cliff. The family had argued over paying the monthly instalment (EMI) for an iPhone that Kunal had purchased on credit.
According to police reports, Kunal was unable to keep up with the payments and demanded money from his parents to pay the latest instalment. After a heated argument, he rushed out of the house and went to the edge of a hill. His father, who worked as a driver, lost balance while trying to pull him back, and his mother jumped in despair. The incident has sparked a wider discussion about the pressure of consumer debt on Indian households.
This is not an isolated case. In recent years, several reports have linked financial stress over gadget purchases to suicides, particularly among young people. While each case is unique, the pattern raises questions about the aggressive retail financing that makes premium devices appear affordable.
Market research firm Counterpoint Research notes that nearly 42 per cent of iPhones sold in India this year are expected to be bought on EMIs. Financing has become common in the smartphone market, moving from metro cities to smaller towns. A study this month found that tier-2 markets now lead in financed smartphone purchases, surpassing major cities.
The industry has extended repayment periods to keep monthly payments low. For smartphones overall, the average financing tenure in physical retail stores is about 10 months. For iPhones, it stretches to 17.2 months. This approach makes a high-priced device seem within reach, but it also extends the debt burden.
The economic reality is stark. Recent consumption surveys suggest that fewer than five crore households in India have a monthly income of Rs 75,000 or more. Even a conservatively estimated iPhone price of Rs 75,000 equals or exceeds the entire monthly take-home income of many families. Yet millions of such devices are sold every quarter.
Experts point out that this disconnect between income and spending can create psychological stress, especially when families are not equipped to handle unexpected financial shocks. The tragedy in Maharashtra is an extreme case, but it underscores the need for more responsible lending practices and better financial awareness among consumers.
While one incident cannot define a broader trend, the repeated occurrence of such tragedies calls for attention. Financial institutions, retail chains, and policymakers may need to consider safeguards that prevent vulnerable households from taking on debt that is beyond their capacity to repay.
