Due to excessive demand, Apple not planning to offer EMI schemes for its iPhone 6 and iPhone 6 Plus.
Apple is not planning to offer EMI schemes for its new iPhone 6 and iPhone 6 Plus smartphones until January due to an unprecedented demand. However some online ecommerce sites like Flipkart, Amazon and Infibeam are offering finance schemes on the devices.
Apple's first lot of 55,000 units of iPhone 6 and 6 Plus, which were launched at midnight on Thursday, were sold out in just a day. Some stock is still available in online stores such as Amazon, Infibeam and Flipkart. Two senior executives close to Apple's operations in India said the company will evaluate the decision not to offer financing options for the new iPhones only in the January quarter. Apple had tied up with Bajaj Finance and Capital First to offer zero-interest finance scheme on most of its products, but this scheme has not been extended to the new iPhones launched on Oct 17.
Rajiv Jain, chief executive at Bajaj Finance, "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."
Apple either bears the interest cost of 5-6 per cent on its own or a small portion is also shared with the retailer, depending on sales arrangement. The electronics giant continues to offer the zero-interest scheme for models such as iPhone 4s, 5s and 5c.
"Apple does not want to take a hit in its margins with interest subvention with the new iPhones, which are selling like hot cake and the demand is more than supply," one of the executives said. "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."
Since the launch of the iPhone 6 and iPhone 6 Plus, Apple has been involved in controversies. First the company had to go through the 'bendgate' scandal and now reports have emerged that a man's iPhone did not just bend, it also caught fire causing severe burns.
Source: ET
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Silky Malhotra
Silky Malhotra loves learning about new technology, gadgets, and more. When she isn’t writing, she is usually found reading, watching Netflix, gardening, travelling, or trying out new cuisines. View Full Profile
