In a historical development, Apple has launched the much-awaited iPhone 8 Plus, along with iPhone 8 and iPhone X in the US with much fanfare. The iPhone 8 Plus launch date in India is scheduled for September 29, 2017.
The iPhone, available in 64GB and 256GB variants, comes with spectacular features that can etch in your memory for the entire lifetime. With 12MP wide angle and telephoto cameras, 5.5 -inch retina HD display, touch ID, A11 bionic chip and others, the phone is set to make you crazy.
Apple iPhone 8 Plus price in India is likely to be ₹73,000 for 64GB and ₹86,000 for 256GB. You have a plenty of options to buy iPhone 8 Plus. These include the savings, personal loan, consumer durable loan and credit card. Which will be the best option to buy iPhone 8 Plus set? You can get the answer in this article.
How Should You Use Your Savings to Buy iPhone 8 Plus?
The question assumes significance as you save for the education, marriage, and any emergency that may arise in the future. Therefore, you should show discretion while using the savings to buy the latest iPhone. You need to check the savings you have generated in numbers over the years. If the amount is a hefty one even after withdrawing the required money, the savings alone can serve you purpose. However, on finding the savings to be small, you should look for loan options.
Personal Loan – The Best Option Available to You
You can apply for a personal loan at several banks and non-banking finance companies (NBFCs) at an interest rate of 10.99%-25% per annum. Although a personal loan can be granted for 5 years, it won’t be worth applying for such a long tenure as the amount of interest repayment will be much higher. You can thus choose a comparatively shorter tenure of 2-3 years to cut down the payment of interest from your end. The illustration below will help you understand the situation better.
Example – You want to buy the 256GB version of iPhone 8 plus costing ₹86,000 on a personal loan. So, if you apply for 4 years, the EMI and interest outgo would be ₹2,222-2,852 and ₹20,670-50,873. However, on shortening the tenure to 2 years, the interest repayment will come down to ₹10,189-24,159. Even though the EMI jumps to ₹4,008-4,590, the saving of interest should tilt the tide in the favour of a 2-year loan.
Credit Card – Full Payment or EMI – Which One Should You Choose to Pay the Bill?
You can even use a credit card online as well as offline to purchase the iPhone 8 Plus. The purchase made via a credit card will show in the statement, which will be provided by the lender on your e-mail ID. If you can pay the entire card bill on or before the due date, you won’t have to pay any interest and tax.
There is an option of paying the minimum due amount to avoid a default in case you can’t pay the entire bill. The minimum due can be calculated at 5% of the total outstanding balance in a particular billing cycle.
However, be ready to pay the interest and the applicable taxes while availing this option. You can even use the card EMI option, breaking your repayment liabilities into easy installments for a flexible tenure of 6 months to 3 years. The interest rate can be 12%-18% per annum.
Consumer Durable Loan – What’s Special About It?
You can find the advertisements of consumer durables on easy EMI at various online and offline retail stores. This is nothing, but a consumer durable loan which can be provided to buy even the mobile phones besides other home devices. You may not get 100% consumer durable finance to buy the iPhone.
Banks and NBFCs provide a loan equivalent to 85%-90% of the price of the article for a tenure of upto 3 years, with the rest 10%-15% have to be paid from your end to the concerned seller. The interest rate, on the other hand, ranges from 15%-25% per annum.
Read Also: Check out Apple iPhone 8 EMI options here!