With unprecedented demand, Apple has decided not to offer any finance option on its new flagship iPhone 6 and iPhone 6 Plus in India. According to an Economic Times report, Apple who has tied up with Bajaj Finance and Capital First to offer zero-interest finance scheme on most of its products, has not extended the scheme to the iPhone 6 and iPhone 6 Plus launched on October 17.
The report states that Apple does not want to take the hit in its margins with interest subvention with the new iPhones, which are selling well and the demand is more than supply. Rajiv Jain,chief executive at Bajaj Finance confirmed this news and told the paper, “Apple has not tied up with us for the new products launched as they do not want to be seen as stimulating demand when they are not sure of enough supplies.”
In the zero-interest scheme, Apple either bears the interest cost of 5-6 percent on its own or a small portion is also shared with the retailer, depending on sales arrangement. The report claims that any signs of this zero-interest EMI option returning back to the country seems likely only after January. “The company will continue with this arrangement for this quarter and will review possibilities of offering any interest subvention scheme with NBFCs in the January quarter only.”
Meanwhile zero-interest schemes for models such as iPhone 5s, 5c and 4s is still available.
Apple launched the iPhone 6 and iPhone 6 Plus in India on October 17. Fanboys were seen queueing up outside Apple retail stores trying to grab the device and the 55,000 units that were shipped to India ahead of the launch, went out of stock in many large retail chains by the next evening.