The rapid growth of digital finance and fintech innovations has transformed the spending behavior of young consumers in India. Among these innovations, Equated Monthly Installment (EMI) facilities and Buy Now Pay Later (BNPL) services have gained remarkable popularity among college-going youth. These services offer convenience, instant gratification, and flexible repayment options, thereby influencing consumption patterns and financial decision-making. The present study aims to analyze the perception of college-going youth in the Mumbai Metropolitan Region (MMR) towards EMI and BNPL services and evaluate whether these services are perceived as instruments of financial freedom or pathways toward debt accumulation.

The study adopts a descriptive and analytical research design. Primary data was collected from 150 college-going students across MMR using a structured questionnaire. Convenience sampling was employed for data collection. Statistical tools such as percentage analysis, weighted mean analysis, chi-square test, and correlation analysis were used to interpret the findings. The study reveals that while youth perceive EMI and BNPL services as convenient and financially enabling, a significant proportion also acknowledge risks such as impulsive buying, overspending, and repayment stress. The findings indicate a growing normalization of debt among urban youth and highlight the need for financial literacy initiatives and responsible fintech regulation.