Before choosing any EMI plan for a product, you must check the charges involved like processing fees, interest rate, as this is another kind of a consumer loan. (Representative image)
The availability of financing options has also made the iPhone more accessible to a wider range of consumers.
Apple CEO Tim Cook on Tuesday opened the first retail store in India at Mumbai’s BKC. Days later Tim Cook opened another store in New Delhi. The enthusiasm of tech followers and iPhone admirers was visible when many gathered to witness the grand opening. However, the craze for Apple products is not new in India. Its products like iPhone, iMac etc. are available in the India market through sellers both online and offline.
The iPhone’s popularity in India can be attributed to several factors. Firstly, it is considered a status symbol, with ownership of an iPhone being associated with affluence and social status. Additionally, Apple is a well-known brand worldwide, and many people perceive the iPhone as a high-quality and reliable device.
The iPhone’s user interface and user experience are also highly regarded, with many considering it to be one of the best in the smartphone market.
The availability of financing options has also made the iPhone more accessible to a wider range of consumers.
As the Indian middle class continues to grow, many consumers have more disposable income to spend on high-end products like the iPhone. The combination of Apple’s brand recognition, user experience, marketing efforts, financing options, and increasing disposable income has made the iPhone a popular choice among consumers in India.
One of the popular modes to buy an iPhone is the Equated Monthly Installment (EMI) option.
EMI refers to a fixed payment amount made by a borrower to a lender at a specified date each month until a loan is fully repaid. The EMI includes both the principal amount and the interest charged on the outstanding balance of the loan. EMI is commonly used in consumer loans, such as home loans, car loans, and personal loans.
Before choosing any EMI plan for a product, you must check the charges involved like processing fees, interest rate as this is another kind of a consumer loan.
iPhone on EMI: Key Things To Know
- Choose an iPhone model that you want to purchase and check its price.
- Check if the particular iPhone model is available on EMI or not on the e-commerce websites or offline retail stores.
- Choose a suitable EMI plan that suits your budget and repayment capability.
- Check the interest rate, processing fee, and tenure of the EMI plan.
- Ensure that you have a credit card or a debit card with a sufficient credit limit to pay the EMI.
- If you are purchasing the iPhone from an online store, select the EMI payment option and choose your preferred bank to proceed with the EMI payment.
- If you are purchasing the iPhone from an offline store, a salesperson will help you with the EMI payment process.
- Provide the necessary details and complete the documentation process required for the EMI plan.
- Once the EMI plan is approved, you can pay the down payment, and the rest of the amount will be divided into monthly installments.
- After completing the EMI payment tenure, you will own the iPhone.
According to the information available on the official website of apple (www.apple.com/), a customer can take advantage on selected products with eligible HDFC Bank cards. Also, No Cost EMI option is also available from most banks.
Also, one can exchange an eligible Mac, iPad or Apple Watch at the Apple Store and get a good deal.
As per the information on the website as on April 24, on HDFC Cards, you can get Rs 6000 instant savings on iPhone 14 Pro and Pro Max, Rs 5000 on iPhone 14 and 14 Plus, Rs 4000 on iPhone 13, Rs 3000 on iPhone 13 Mini, and Rs 2000 on iPhone 12 and iPhone SE when you use eligible HDFC Bank cards. 3 or 6 months No Cost EMI option is also available.
How to estimate your monthly payments (EMI)?
You can explore online purchase options by selecting your account type and bank, then enter an estimated order total. Your total savings, including any special offers, will be calculated in checkout. You can only combine offers from the same bank, and all order items will be set to the same tenure.
A prospective buyer can calculate online monthly installment options on the Apple website.
However, customers must read the terms and conditions carefully before opting for any EMI plan to avoid any confusion or hidden charges.
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