Apple iPhone 12, 12 Mini, 12 Pro & 12 Pro Max on EMI, Credit Card and Price in India

Last Updated : Nov. 10, 2020, 6:18 p.m.

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The most awaited event of the year – the Grand Apple Event – just happened at Steve Jobs Theatre, Cupertino, California. Apple CEO, Tim Cook, unveiled the new iPhone 12 and iPhone 12 Pro along with a couple of marvellous surprises. With the new iPhone 12 series, Apple has surpassed all limits, furnishing the fans with 5G Capability, fastest A14 Bionic Chipset Processior, sleeker designs and much more. Apple released some more ecstatic revelations like the announcement of the brand new HomePod Mini and MagSafe Charging Brand for new iPhones.

All eyes are now on the finance options one can avail to buy these lates iPhones. While some have options to buy it via credit cards, consumer durable and personal loans are also great choices for availing new iPhones. The cost of purchase via any of these financing options will decide which one you would buy. Let’s talk about new iPhones prices and what are the different options through which you can buy one for yourself.

Apple iPhone 12/ 12 Mini/ 12 Pro/ 12 Pro Max Prices in India April 2024

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Apple iPhone 12, 12 Mini, 12 Pro & 12 Pro Max Full Specifications

Finance Options to Buy iPhone 12, iPhone 12 Mini, 12 Pro & 12 Pro Max – Find the Best One for You

A phone no more a need but status symbol and Apple has made it clear in launching its new iPhone series where the prices go up to INR 1.60 lakh. These high budget iPhones can be bought via a credit card or personal loan or white good loan (consumer durable loan).

White Good Loan Option

You can also avail a white good loan, popular 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.

Buy Apple iPhone 12/ 12 Mini/ 12 Pro/ 12 Pro Max on EMI

As you know that a credit card gives you the option to buy anything instantly. The massive shopping accessibility at both online and offline platforms gives credit cards an edge over other finance options. Everytime a new iPhone is launched, banks start offering cashback offers on credit cards. These credit cards give you the option to buy your iPhone instantly with full payment or on EMI. So, let’s understand both the options from a wide angle.

Paying the entire cost at one go relieves you from the burden of interest liability and the taxes. But there is a catch here. 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 process continues…By doing so, they let their credit revolve and add interest & taxes to the credit card bill each month which could lead to a Debt Trap.

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 to 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 GST. 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 – Suppose you choose to buy iPhone 12 Pro Max with 512GB version. It costs INR 1,59,900 and you buy it using your credit card EMI option. You are planning to choose a 1-year tenure. Assume the interest rate stands at 15.50% per annum. For 1 year tenure, you would be paying an EMI of INR 14,470 and an interest of INR 13,741.

So, you would need to pay INR 1,73,641 as total cost of the phone.

Customized Personal Loan for iPhones

You can also avail of a personal loan, a type of unsecured credit, to buy your desired iPhone 12. The interest rates usually range from 11% – 20% per annum across the lenders in India. You can definitely negotiate with the lender to lower the rates provided you have a responsible credit profile, healthy income and a credible repayment capacity.

Apply Personal Loan @ 10.75%* Rate

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 new iPhones taking into account a 3-year personal loan tenure, in the table below.

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.

Apple iPhone 11/11 Pro/11 Pro Max/XR/XS Price in India April 2024

Apple iPhone 11/11 Pro/11 Pro Max/XR/XS Full Specifications

Buy Apple iPhone 11/11 Pro/11 Pro Max/XR/XS via Consumer Durable Loan

iPhone 11 models can be bought by taking a consumer durable loan. Check out how much you will pay to the lender with this loan.

Buy Apple iPhone 11/11 Pro/11 Pro Max/XR/XS via Personal Loans

If you take a personal loan to buy iPhone 11 models, you will need to pay the following EMIs.

iPhone X, iPhone 8 and iPhone 8 Plus Got a Whole Lot Cheaper – Check Out the Prices!

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.

Buy iPhone X, iPhone 8 and 8 Plus Via Personal Loan

Buy iPhone X, iPhone 8 and 8 Plus Via Consumer Durable Loan

Apple Trade In

This year, you can buy your desired iPhone from the official website of Apple. But there is something unique that Apple has introduced this year – Apple Trade In. With this facility from Apple, customers can exchange any eligible smartphone for instant credit towards a new iPhone. Before buying the new iPhone, you will only need to answer a few questions about your smartphones’ brand, model and condition. According to these details, Apple will provide a trade-in value which will lower the price of your desired iPhone.

Let’s understand this in a simple way. Suppose you have an iPhone 11 and you want to buy the new iPhone 12 (128 GB) worth INR 84,900. So when you opt for Apple Trade-in, you could get an estimated trade-in value upto INR 37,000. This trade in value varies from one smartphone to another. As soon as you put your serial number or IMEI Number, Apple will provide an estimated trade-in value for your smartphone. We are showing some of the trade in values below. Please check!

How to Trade in with Apple?

After having so much information about the Apple Trade In, you must want to know about the process by which you can opt for it. Well, you only need to follow a few simple steps to trade in with Apple.\We are showing them below. Do check.

Step 1: While buying the new iPhone, you will need to answer a few questions about your current smartphone as we mentioned before. On the basis of the information provided by you, Apple will provide you an ‘Estimated trade in Value’. This will be applied to you as the instant credit towards your purchase. On ordering, you will get the time and date of your doorstep delivery and trade-in exchange

Step 2: Before the scheduled delivery date, you will need to make your smartphone ready by backing up your data and making sure that it can access the internet from your location.

Step 3: On the day of your delivery, the courier person will authenticate your device by running a quick diagnostic test. This test will check several parts of your Smartphone such as Physical Condition of the Touchscreen, Camera Lenses, Front and Back Camera Functionality, Storage Capacity and Wifi & Mobile Functionality.

Step 4: As soon as the courier person verifies your Smartphone, your trade-in will complete and you can enjoy your new iPhone. In case during the verification, your smartphone doesn’t qualify, you don’t need to worry. You can still get your new iPhone by paying the trade-in credit value to the courier person.

Note: Apple Trade In is available in most Metro Cities. If you want to see if you can opt for Trade In at your location, enter your PIN Code. This will tell you if it’s available in location or not. You can include accessories like chargers and cables to the courier when the courier person takes away your smartphone. However, it is not necessary.