Influencer faces backlash over financial advice on car loans and investments

Sourav Dutta, a popular social media influencer known for his personal finance tips, found himself at the center of controversy after one of his recent posts on X (formerly Twitter) drew widespread criticism. Dutta, who regularly advises on savings and investments, posted a tweet comparing car loans to investing in stock market funds, which many users deemed "impractical."

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In his post, Dutta suggested that instead of paying a monthly EMI of ₹20,000 for a car worth ₹10 lakh, an individual should invest the same amount in a Nifty ETF Systematic Investment Plan (SIP) for five years. According to him, while the first option would leave someone with a depreciated car worth ₹4 lakh by 2030, the investment could grow to ₹17 lakh. He concluded by saying, “Life is about the choices we make.” 

₹20000/mo is the 5 year EMI of a 10L car for Ravi.

Instead, Ravi puts ₹20000/mo for 5 years in Nifty ETF SIP.

First decision gives him a car worth ₹4L in 2030.

Second decision gives him ₹17L of bank balance in 2030.

Life is about the choices we make.

— Sourav Dutta (@Dutta_Souravd)

₹20000/mo is the 5 year EMI of a 10L car for Ravi.

Instead, Ravi puts ₹20000/mo for 5 years in Nifty ETF SIP.

First decision gives him a car worth ₹4L in 2030.

Second decision gives him ₹17L of bank balance in 2030.

Life is about the choices we make.

— Sourav Dutta (@Dutta_Souravd) October 15, 2024

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The advice, however, did not resonate well with several users. Maharashtra-based entrepreneur Chirag Bhajatya was one of the prominent critics, highlighting the practical need for owning a car. He argued that, during emergencies like the COVID-19 pandemic, having a vehicle is crucial, recounting how people struggled to find transport when public services were down. "Ravi has lakhs in the bank but no car during an emergency. Don’t be like Ravi. There is no harm in buying a car on EMI," Bhajatya countered.

The post sparked a larger debate on balancing financial planning with real-world needs.