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The Chinese "cheap as chips" drill bits are a complete waste of money in my experience. Once burnt never again.
Probably will drill into soft wood and plastic but don't expect them to drill into aluminium never mind steel.
My late father bought me a pack of 4 very cheap Chinese made masonry bits from the tool stall in the local market at least 20 yrs ago now. The pack consisted of size 8 to 14. The bit I've most used is no.10 and this has been used over the years to drill well over 50 holes in brick and concrete. I used it again a few weeks ago and it worked superbly. I've also purchased cheap Chinese twist drills and used them for drilling wood, plastic and other soft materials. They do need a quick sharpen every so often but other than that work perfectly and are a fraction of the price of branded equivalents.
Given the price difference between Chinese bits or branded ones and the fact it takes about 20 seconds or less to sharpen a drill bit, if it's for use in wood I don't see a problem.
Drilling metal is a totally different matter and worth paying the extra for a quality branded drill bit or set of drills. It's also worth remembering most major branded tool manufacturers such as Bosch, Makita, Trend, Dewalt etc. produce different quality items under names such as Hobby, Diy and Pro.
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