The popularity of Apple iPhones is undeniable, but their high price tag can make them out of reach for many consumers. However, the advent of e-commerce platforms that offer EMI (Equated Monthly Installment) options has made it easier for customers to buy these phones. For those who can’t pay the full amount upfront, EMI has become a convenient shopping solution, and nowadays, a lot of people are opting for this payment method. The latest lineup from Apple, the iPhone 16 series, includes models such as the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, iPhone 16 Pro Max, and iPhone 16e. If you’re considering purchasing the iPhone 16, we’ll break down the EMI details for using SBI, HDFC, ICICI, and Punjab National Bank credit cards.
The iPhone 16 offers various storage options: 128GB, 256GB, and 512GB, along with a range of colour choices. Currently, the 128GB variant is priced at Rs 72,900 on the Reliance Digital Store. Here’s how the EMI payments will look:
EMI with SBI Card
If you choose to go with an SBI Bank credit card for a 6-month EMI, you’ll pay Rs 12,372 each month at an interest rate of 15.5 percent. This brings the total amount to Rs 74,234 inclusive of interest over six months. Alternatively, if you opt for a 12-month EMI plan, your monthly payment will drop to Rs 6,433, resulting in a total repayment of Rs 77,190 after one year at an interest rate of 15.75 percent.
EMI with HDFC Credit Card
For those using an HDFC Bank credit card, the monthly payments will vary based on the EMI term. For a 3-month EMI plan, the monthly payment will be Rs 24,300 at an interest rate of 16 percent. If you decide on a 6-month plan, your monthly payment will be Rs 12,390 at the same interest rate. For a one-year plan, expect to pay Rs 6,440 monthly.
If you are using Axis Bank, Bank of Baroda, Kotak Bank, or IDFC Bank for your iPhone 16 purchase, the EMI details will be similar to those provided by HDFC Bank.
EMI with PNB Credit Card
If you’re going with a Punjab National Bank credit card for the 128GB iPhone 16, the interest rate is set at 12 percent. A 6-month EMI will require monthly payments of Rs 12,250, while a 12-month plan will reduce your monthly payment to Rs 6,307.
ALSO READ: Vivo V50e with 50MP camera, 90W fast charging launched in India