Apple iPhone X, iPhone 8 & 8 Plus on EMI, Credit Card, Price in India with GST

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As Apple has created a buzz by launching iPhone X, iPhone 8 and 8 Plus at Steve Jobs Theatre, Cupertino, California, on September 12, 2017, all eyes are now on the finance options one can avail to buy their favourite iPhones. While availing these options, you need to consider factors like interest rate and EMI to enjoy a smooth repayment future. To a greater extent, these will be decided based on the price of the phones. Let’s talk about the price of the new iPhones before the finance options come to your screen.

iPhone X, iPhone 8 and 8 Plus Price in India with GST

iPhone ModelsPrice (in ₹)Pre-order DateSale Starts From
Apple iPhone 8 (64GB)64,000September 22, 2017September 29, 2017
Apple iPhone 8 (256GB)77,000September 22, 2017September 29, 2017
Apple iPhone 8 Plus (64GB)73,000September 22, 2017September 29, 2017
Apple iPhone 8 Plus (256GB)86,000September 22, 2017September 29, 2017
Apple iPhone X (64GB)89,000October 27, 2017November 3, 2017
Apple iPhone X (256GB)1,02,000October 27, 2017November 3, 2017

Overview of Finance Options – Find the Best One for You

True to our promise, we present before you a list of finance options such as credit card, personal loan and white good loan. You can even use the savings to buy the iPhones.

Apple iPhone on EMI – Avail with Credit Card

A credit card can be a convenient option to buy these iPhones. The massive shopping accessibility at both online and offline platforms gives credit card an edge over other finance options. You need to pay the bills, which will arise while shopping for the iPhones, on or before the due date. You have two options to pay the bills – full payment and EMI. So, without any ado, let’s understand both the options from a wide angle.

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Apply for Credit Cards

Paying the entire cost at one go relieves you from the burden of interest liability and the taxes. But there is a catch here to unfold. The interest and taxes won’t arise provided you have paid the bill in full. A lot of people tend to pay only the minimum due amount, which is calculated at 5% of the outstanding balance in a particular billing cycle, to avoid a default. And the pattern continues…By doing so, they let their credit revolve and add interest & taxes to the bill each month.

The card EMI option, on the other hand, allows you to pay the bills in easy installments for a specific length of time. Usually, the EMI option comes with a tenure of 6 months-3 years at an interest rate of 12%-18% per annum. On the interest charged each month, the concerned credit card issuer will also debit the applicable taxes. It is a good option for those wanting to repay in small chunks. However, if you want to contain the outflow of interest from your pocket, you can choose a comparatively shorter tenure to do so. The taxes will also come down with a reduction in the interest liability.

Example– You and your friend want to buy 256GB version of iPhone 8 Plus costing about ₹86,000 on EMI option. While you want to choose a 1-year tenure, your friend wants a 2-year tenure. Assume the interest rate in both the cases stands at 15% p.a. In the given situation, your friend would be paying an EMI of ₹4,170 and an interest of ₹14,076 over the course of two years. On the other hand, you would need to pay a slightly higher EMI of ₹7,763. But your overall interest liability will come down to ₹7,147, nearly double the saving you are likely to have over your friend.

A Customized Personal Loan for iPhones

You can avail a personal loan, a type of unsecured credit, to buy your desired iPhone. The interest rates are likely to range from 10.99%-25% across the lenders in India. You can definitely negotiate with the lender to lower the rates provided you have a sound credit profile, healthy income and a good repayment potential.

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Apply for Personal Loan

You also need to factor in the processing fee, which can be around 1.50%-2.50% of the loan amount. Some lenders have either waived off the entire fee or a portion of the same to tap into the festive season demand. SBI, for example, has waived off the processing fee on a personal loan by 50% as part of its festive offers.

After getting a brief on a personal loan, it’s time to check out the installment you are supposed to pay on a monthly basis. So, let’s calculate the same for each of the iPhones taking into account a 3-year personal loan tenure, in the table below.

iPhonesLoan Amount (In ₹)Interest Rate (In % p.a)Tenure (In Years)EMI (In ₹)Total Interest Outgo (In ₹)
iPhone X (64GB/256GB)89,000/1,02,00010.99 - 2532,913 - 4,05615,880 - 43,998
iPhone 8 Plus (64GB/256GB)73,000/86,00010.99 - 2532,390 - 3,41913,025 - 37,096
iPhone 8 (64GB/256GB)64,000/77,00010.99 - 2532,095 - 3,06211,419 - 33,214

White Good Loan Option Also Available to You

You can also avail a white good loan, also known as consumer durable loan, to buy the latest iPhones. The interest rates can range from 15%-25% for a tenure of upto 3 years, while the quantum of loan is likely to be 85%-90% of the cost of the iPhone. The rest 10%-15% has to be paid from your end in the form of a margin. In addition to the interest and margin, you also need to pay a processing fee that equals to about 2% of the loan amount.

You can even check the table below illustrating the applicable EMI and the interest outgo for a period of 3 years on a loan amount calculated at 90% of the cost of the iPhones. The remaining 10% needs to be paid from your end as part of a down payment.

Savings Can Be a Game Changer!

You can use the savings to buy the iPhones and avoid the interest repayment which happens in the case of a loan. The savings can be the balance lying in a bank account, fixed deposit, mutual fund, public provident fund (PPF), among others. However, before using the savings option, you need to do a bit of homework. And that is to check the amount which comes to your hand after withdrawing the money, required to buy the iPhones, from the accumulated reserves. If the amount turns out to be substantial, the lone option of savings can be availed. Otherwise, you can either take the combo of loan and savings or loan alone to buy the iPhones you want.

No Harm in Availing Reliance Jio Buyback Offer

Reliance Jio has launched a buyback offer wherein the buyers will get back 70% of the price if they stick to Jio Network for a year before returning the iPhones. At the moment, the offer is available for the buyers of iPhone 8 and 8 Plus which are currently launched in India. The same offer will be applicable to iPhone X when it makes its way out to India in November.

Specs & Features of iPhone X, iPhone 8 and 8 Plus

The new iPhones come with never seen before features. Wanna delve deeper into the specifics? Check out the table below.

Apple iPhone XApple iPhone 8 PlusApple iPhone 8

  • 5.8" Super Retina HD Display

  • 12MP wide-angle and telephoto cameras

  • Face ID

  • A11 Bionic Chip

  • Wireless Charging (works with Qi Chargers

  • HDR Display

  • 2436x1125 Pixel Resolution at 458 ppi

  • Neural engine

  • 7MP TrueDepth Front Camera

  • Available in silver and space grey colours

  • 5.5" Retina HD Display

  • 12MP wide-angle and telephoto cameras

  • Touch ID

  • A11 Bionic Chip

  • Wireless Charging (works with Qi Chargers

  • 1920x1080 Pixel Resolution at 458 ppi

  • Neural engine

  • 7MP FaceTime HD Front Camera

  • Available in silver, space grey and gold colours

  • 4.7" Retina HD Display

  • 12MP camera

  • Touch ID

  • A11 Bionic Chip

  • Wireless Charging (works with Qi Chargers

  • 1334x750 Pixel Resolution at 458 ppi

  • Neural engine

  • 7MP FaceTime HD Front Camera

  • Available in silver, space grey and gold colours

Personal Loan Interest Rates July 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2018
State Bank of India/SBI8.45% - 9.00%
HDFC8.50% - 9.15%
Bank of Baroda8.50% - 9.50%
LIC Housing8.45% - 8.90%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.55% - 8.80%
Axis Bank8.50% - 8.85%
Citibank8.40% - 9.20%
Indiabulls Housing Finance Limited8.50% - 10.80%
Kotak Bank8.60% - 8.70%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
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