iPhone maker Apple created a buzz by launching its flagship iPhone X, iPhone 8 and iPhone 8 Plus in the US a month ago. While the last two have already been launched in India on September 29, iPhone X is just a few days away from making a grand entry in India. Yes, you will see it in the stores from November 3, 2017. However, the pre-order date for the same is a week before on October 27.
The iPhone comes in 64GB and 256GB versions, with the former and latter carrying a price tag (including GST) of ₹89,000 and ₹1,02,000, respectively. Don’t get concerned by the tall price as you have finance options from credit card EMI to consumer durable loan at your disposal. With every finance option, the focus remains very much on the interest rate and EMI, isn’t it?
So, this article is dedicated fully to Apple iPhone X on EMI Price in India with GST. So, Let’s screen through multiple finance options available to buy iPhone X.
Credit Card EMI
So if you have a credit card with a higher credit limit, you can definitely shop for iPhone X on EMI. The interest rate also comes down to 12%-18% per annum with EMI as compared to 30%-35% when paying the entire amount in one go with a credit card. You can be given a period of 6 months to 3 years to pay off the iPhone cost via EMIs. Let’s take an example below to know how much an impact the EMI will have on your pocket.
You want to buy the 256GB version of iPhone costing ₹1,02,000 on a 2-year card EMI. Assume the interest rate in your case stands at 14% per annum. In the given situation, the EMI would be ₹4,897 while the interest outgo is likely to be ₹15,536 over a period of 2 years.
Consumer Durable Loan
Like card EMI, consumer durable loan is also one of the most convenient options to finance the purchase of iPhone X. Here the loan amount offered would be around 90% of the product price. And you would be given a period of up to 3 years to pay off the loan. The interest rate can be anywhere between 15%-25% per annum. The 256GB iPhone X would thus lead to an EMI and interest of ₹4,493 and ₹17,836, respectively, on an assumed loan offer of 90,000 and interest rate of 18%. The calculation of EMI and interest has also taken into account a loan tenure of 2 years.
Even a personal loan can be availed to buy your dream iPhone X version. In the recent times, the interest rates have eased to 10.99%-24% per annum. Although the maximum tenure of a personal loan is up to 5 years, you may be given only 2-3 years in the case of iPhone purchase. So, if you intend to purchase 256GB iPhone X on a 2-year personal loan, the EMI and interest repayment are likely to be ₹4,994 and ₹17,862, respectively, assuming an ROI of 16% p.a.
What About Your Savings?
So if you have the savings accumulated in fixed deposit, recurring deposit and others, it won’t be bad to use them to purchase the iPhone. The use of savings will reduce the interest repayment from your wallet. However, make sure not to use them fully as they can be important to serve other goals of life.
Now that you are aware of different finance options with their respective payment liabilities, you can choose the right option for you. Before making a decision, do check the impact of repayment on your day-to-day financial life. Savings, if any, can be used with any of the finance options related to Apple iPhone X on EMI Price in India with GST to reduce the burden of interest and give your wallet the much-needed cushion.