Independence Day 2025: We chased the British out. Now EMIs are chasing us

It’s 9:00 am on Independence Day 2025. The streets are a swirl of saffron, white, and green, flags flutter from car bonnets, school kids march in crisp uniforms, and shopkeepers stack fresh laddus for the day’s celebrations.

You’re not celebrating. You’re in the backseat of an Uber you don’t own, glancing at a fresh EMI reminder on your phone. On your wrist is a watch you’re still paying off in “no-cost” instalments. You’re on your way to a job you can’t quit, not because you love it, but because your home loan is yet not clear.

We like to think we are free. We can vote. We can tweet. We can get a pizza in 30 minutes. But real freedom isn’t just political; it’s being able to walk away from a toxic boss, take a year off to study, or start that dream business without worrying about this month’s repayment.

In 1947, we chased out the British. In 2025, our rulers are invisible. They wear no crowns, command no armies, yet control millions of lives with silent precision.

Their names? Home Loan EMI. Car Loan EMI. Personal Loan EMI. Credit Card EMI.

We didn’t lose our freedom in a war this time. We gave it away, swipe by swipe, loan by loan, until the national anthem plays once a year, but the EMI auto-debit plays every month.

From redcoats to red notifications

Back then, colonisers took cotton, spices, and gold. Today, our masters take monthly instalments.

The East India Company is long gone. The easy installment company is here.

The British taxed salt. Banks tax your Zomato cravings.

A colonial officer once collected tribute; now it’s your auto-debit mandate.

HDFC will fund your “dream” wedding and continue to support you until your 10th anniversary.

From Buy Now Pay Later (BNPL) to 30-year home loans, we’ve normalised debt as a way of life.

Freedom on lease: How loan EMIs control our lives?

Try taking a career break when ₹65,000 in EMIs glare at you every month:

Credit card EMI: ₹5,000

That’s ₹61,950 before groceries, petrol, or Netflix. You don’t work for your boss. You work for your repayment schedule.

The hidden debt trap

According to the RBI’s Financial Stability Report, the average per-capita debt of individual borrowers has jumped from ₹3.9 lakh in March 2023 to ₹4.8 lakh by March 2025, the highest in our history.

Non-housing retail loans, including car loans, personal loans, and consumer durable loans, now account for approximately 55% of total household debtwhile housing loans comprise just 29%.

The personal loan segment alone grew by 24% in FY2024, and continues to rise sharply. FinTech NBFCs sanctioned 10.9 crore personal loans worth ₹1.06 lakes in FY 2024–25.

Take the example of a 28-year-old software engineer in Pune who spends 70% of his salary on EMIs; he calls himself “financially colonised.” Or the young couple in Delhi who took a ₹6 lakh personal loan for their wedding and will finish paying it off only when their daughter starts preschool.

Patriotism for sale

Every August 15, you’ll see the ads:

“Celebrate freedom, own your dream home!”

“Feel independent, take our instant personal loan!”

Our parents saved first and bought later. We swipe first and pay later, and keep paying until the next general election.

The new freedom struggle: Financial freedom

Debt doesn’t just empty your wallet; it limits your choices. You skip that sabbatical. You swallow your anger at work. You never start that business. The British left in 1947. If we plan better, maybe our EMIs can leave before 2047.

Borrow smart. Don’t buy a ₹15 lakh car to impress a neighbour who doesn’t even like you. Don’t let a personal loan fund a wedding you’ll still be paying for when your kids are in school.

In 1947, we won the right to rule ourselves. In 2025, maybe it’s time to win the right to spend our own salaries.

FAQ: Breaking the EMI trap

Q: How can we escape the EMI trap?

Start with budgeting, emergency savings, and clearing high-interest debt first. Avoid personal loans for lifestyle purchases.

Q: Are personal loans always bad?

Not really, but if used for consumption instead of emergencies, they can delay financial independence.

Disclaimer: This article is a commentary on changing financial habits, not professional financial advice. Debt management depends on your income, goals, and risk appetite. Always consult a certified financial planner before making borrowing or repayment decisions.