Apple has launched an aggressive EMI scheme for its iPad mini in India that would give buyers the iPad mini for a downpayment of just Rs 4,999, followed by 18-months EMI. The scheme is currently applicable just on the iPad mini Wi-Fi 16GB variant and is not applicable on any other model including the latest iPad mini with Retina Display.
Users will be charged Rs 16,901 on their credit card, which would be converted into an 18-month EMI of Rs 1,055 per month. This would include interest and relevant taxes of Rs 2,077 but Apple will give a cash back of Rs 2,190 at the end of the EMI to offset the additional cost incurred by the buyer. This was first reported by retailer Mahesh Telecom and has been independently verified by BGR India.
This is a brilliant move by Apple in order to compete with cheap Android tablets that have flooded the market. The iPad mini is priced at Rs 21,900, which was considered too high by many potential buyers who went for cheaper Android tablets.
On the business side, Apple still doesn’t end up losing any money as it is able to sell the tablet at MRP. Currently, the iPad mini Wi-Fi 16GB is available at most online stores between Rs 20,000 – Rs 21,000. With the EMI spread over 18-months, Apple is ensuring a low EMI and is also giving cashback to buyers, which is greater than the interest and taxes they incur.
We are now looking forward to see how Samsung and others respond to it.