As soon the Apple made an announcement to launch its new iphones, it would not be wrong to say that the news had hit the Indian market by storm. Yes, as India is one of the biggest markets of the brand globally and many Indians are iphone lovers there is no doubt on that. It’s been a decade of the iphone and Apple decided to enter in its 10th Year with style and swag by launching the most-awaited iphone 8, 8 plus and its 10th Anniversary special edition iphoneX.
Being a highly upgraded handset ever, there is no denying the fact that iphoneX has garnered a lot of limelight. And, why not, after all, this smartphone is decked with every standalone feature which you could ever imagine. But as they say, all the good things come with a price tag, and here the price is a whopping ₹89,000 for its 64GB variant and ₹1,0,2000 for its 256GB variant. That’s Right folks. So, it is not everyone’s cup of tea to afford the same price and buy this masterpiece.
Then what is the solution here ? What if you cannot afford to pay the price in full swing. Have you heard about the option of Apple iphoneX EMI? Did you? Well, if not my friend, this is the right time that you should know about it! We are here to let you know about the best financial options available that can actually help you to buy your favorite, dream phone.
Yes, there are various smart options that allow you to purchase this beauty in small chunks, i.e. EMIs without hurting your pocket. So, without wasting any time further, let’s get started and make you aware of such brilliant financial options available:
Going for a Personal Loan is a Smart Choice
Availing a personal loan is no doubt a smart move to buy an iphone X. Currently, the interest rates of this unsecured credit start from as low as 10.99% and go up to 25% per annum across the lenders in India. However, one can negotiate for a lower interest rate with having a sound credit profile, attractive monthly income and healthy repayment history. Usually, a personal loan is available for a tenure of 5 years, but in this case, the loan amount would be ₹89,000/1,02,000, so most of the lenders will give a loan for 3 years. So, let’s find out what would be the EMIs here:
Loan Amount: 89,000/1,02,000
Tenure: 3 Years
Interest Rate:10.99%-25% per annum
EMI:₹2,913 -₹ 4,056
Interest Outgo:₹15,880 – ₹43,998
See, your monthly installments would be: ₹2,913 – ₹4,056, which I am sure would be easy for you to manage each month til your loan gets repaid.
Credit Card-A Reliable Option to Say Yes
Buying this smartphone on your credit card can also be a convenient option. The massive accessibility of credit cards at both online and offline platforms gives them an edge over others. There are two ways through which you can purchase this newly launched phone. You can either purchase the phone via your card by doing the full payment before the due date.
Or you can go for the second payment option, which is purchasing the same in flexible EMI options. The latter option comes with a tenure of 6 months to 3 years at an interest rate of 12%-18% per annum. The point which is to be noted here is that the concerned credit card company will not only charge the interest each month on the due amount but will also debit the applicable charges on the same.
But overall, it is a good option for those who want to repay in small chunks as it won’t make a hole in the pocket. However, try to keep the tenure as short as possible though your EMI burden will increase, your overall Interest Outgo allow you to save more bucks. Let’s take the help from an example below to get more clarity on the same:
Suppose, Ravi and Amit both are good friends and want to buy an iphoneX worth ₹1,02,000(265GB) on the EMI option available on their credit card. Ravi wants to go for a tenure of 1 year while on the other hand, Amit wants 3 year tenure. Let’s say the interest in both the cases stands at 14% per annum. So, Ravi would be paying an EMI of ₹ 9,158 along with an Interest of ₹ 7,899. While in Amit’s case the EMI would be: ₹ 3,486 with an Interest of ₹ 23,500.
Though the EMI is higher in Ravi’s who has opted for a tenure of 1 year but just look at the Interest Outgo which is less than the 3 times what Amit would be paying. Well, the picture is crystal clear here! You can see the stats above and decide which tenure option is better for you.
Hope, this article was worth reading as we have explained above the best financial options available that allow you to buy your favourite Apple iphone X EMI without hurting your pocket.