Apple has announced zero down payment and low-interest EMI schemes on several iPhone models including the flagship iPhone X, iPhone 8, iPhone 8 Plus and more. The low-cost EMI scheme is valid for 18-month EMI plans and it is available through leading banks and non-banking financial institutions. The scheme is also applicable on debit cards issued by HDFC Bank, Consumer loans from Capital First, HDB Financial Services, and HDFC Bank. The offer is available across all Apple offline resellers in India.
In addition, credit cards issued by American Axis Bank, Bank of Baroda, Citi, HDFC Bank, HSBC Bank, ICICI Bank, IndusInd Bank, J&K Bank, Kotak Mahindra Bank, RBL Bank, Standard Chartered Bank, State Bank of India, Union Bank of India and YES Bank are eligible for zero down payment and low-interest EMI scheme as well. Further, a 5 percent extra cashback is also available on select credit and debit cards including Axis Bank Credit Cards, Citi Credit cards, HDFC Bank Debit and Credit Cards, ICICI Bank Credit and Standard Chartered Credit Cards. Similar to the zero down and low-cost EMI scheme, the cashback offer is valid on 18-months tenure EMI transactions.
The details about the new Apple zero down payment EMI offer is listed on istore.com, a website run by Apple’s authorised distributors in India. As per the listing, the 5 percent additional cashback offer shall be credited within 120 days from the date of business transaction. The offer is applicable on iPhone X, iPhone 8, iPhone 8 Plus, iPhone 7 and iPhone 7 Plus. Further, it is valid for two transactions per card during the period.
The Indiastore.com portal has put EMI calculator to help users calculate EMI and Effective Monthly Cost for transactions. Under the scheme, the iPhone X 64GB model can be purchased by making an EMI payment of Rs 5999 per month for 18 months. The effective rate of interest charged on the phone is 5.65 percent that brings the price to Rs 1,00,782 from the MRP of Rs 95,390.