Do You Know Apple iPhone 8 on EMI Price in India with GST?

Apple iPhone 8 hit the Indian shores on September 29, 2017, a fortnight after a star-studded launch of the smartphone in the US. So guys, don’t be surprised to see your pals flaunting iPhone 8 on social platforms or in front of you. Listening to this, you must be wanting to know its price so that you can buy iPhone 8 to join the the elite smartphone user bandwagon.

The price (including GST) of Apple iPhone 8 is ₹64,000 and ₹77,000 for 64GB and 256GB versions, respectively. While some can afford  paying the whole price in one go, others can’t. But an EMI option can ease the situation for all by enabling the payment of iPhone 8 in easy installments. So, won’t you like to know Apple iPhone 8 on EMI Price in India with GST? You would say ‘Yes’, right? Let us study several EMI options by which iPhone 8 would come to your hand.

Apple iPhone 8 EMI Options

EMI options, in reality, emerge from either a loan or credit card. If you talk about the former, it would either mean a personal loan or consumer durable loan, which can be granted for a period of 1-2 years. Even the credit card EMI options last for a maximum of 2 years for the smartphone. The EMI, as you would know, involves a portion of both principal and interest repayments.

Apple iPhone 8 Personal Loan EMI Calculator

Availing a personal loan to buy an iPhone 8 will lead to an interest rate of 10.99%-25% per annum into the picture. Assume a lender offers 15% interest rate on the same. Then, how much EMI and interest will you pay over the course of 2 years? Well, the EMI and interest repayments are expected to be ₹3,103 and ₹10,745, respectively, in the case of 64GB. For 256GB, you would need to shell out an EMI and interest of ₹3,733  and ₹12,603, respectively.

How Does Apple iPhone 8 Consumer Durable Loan EMI Calculator Work?

Consumer durable loans are increasingly offered by the lenders to buy the latest iPhones, in addition to other durable goods. The interest rate here can be anywhere between 15%-25% p.a. What needs to be noted here is the fact that lenders may not finance 100% for this type of loan. Normally, the quantum of finance remains up to 85%-90% of the product price. The rest 10%-15% has to be paid in the form of margin. Suppose the lending institution offers you a loan worth 90% of iPhone 8. In that case, the quantum of finance would be ₹57,600 and ₹69,300 for 64GB and 256GB versions, respectively. Assume the interest rate to be 18% in both the cases.

Taking all into consideration, the EMI and interest repayments are likely to be ₹2,685 and ₹6,831 over a 2-year period for the 64GB version. While for 256GB, you would need to pay a greater EMI of ₹3,460 and interest of ₹13,734 over the same period.

Credit Card EMI for iPhone 8

The EMI option is also available on a credit card bearing an interest rate of 12%-18% per annum for a period of 2 years. If you avail this option at a rate of say 14%. The EMI and interest would thus be ₹3,073 and ₹9,748, respectively, for iPhone 8 with 64GB version. The 256GB version, though, would lead to an EMI of ₹3,697 and interest of ₹11,728.

Apple iPhone Bajaj Finance Offer

Customers invariably choose Bajaj Finance to buy products like iPhones owing to its own online EMI store, wherein you can get the product at a discounted price and choose from different EMI options. So, visit the online store of Bajaj Finance and get your favourite iPhones.

So, how was the discussion on Apple iPhone 8 on EMI price in India with GST? I am sure, you would have understood the EMI options pertaining to loans and credit cards. Depending on your suitability, you can choose any of them. However, do keep in mind to grab the lowest interest rate offers on iPhone 8 to enjoy your smartphone journey the pocket-friendly way.

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