Companies that offer the best EMI schemes on smartphones

The equated monthly instalment (EMI) schemes have turned out to be a masterstroke for Apple. Since the company started offering EMI schemes on the iPhone, sales have zoomed almost 300 per cent.

Its rivals, Samsung, HTC and Blackberry, too have latched on to the EMI concept. The schemes are being offered on credit cards of banks like ICICI Bank, HDFC Bank, American Express, Axis Bank, Kotak Mahindra Bank, Standard Chartered Bank, Citibank, IndusInd Bank and State Bank of India.

We take a look at the EMI offers available and whether there are any hidden costs of the phones on flagship models of smartphone manufacturers.

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Apple iPhone 5 (8GB)

Price: Rs 45,500

Down payment: Rs 16,900

6 EMIs: Rs 4,752 (Zero processing fee)

12 EMIs: Rs 2,376 (Processing fee: Rs 855)

No exchange

No cash back

…

Samsung Galaxy S4

Price: Rs 40,300

Down payment: 0

12 EMIs: Rs 3.358 per month

Zero per cent interest

Zero processing fee

No exchange

No cash back

…

Blackberry Z10

Price: Rs 42,490

Down payment: 0

9 EMIs: Rs 4,799

Zero per cent interest

Zero processing fee

No exchange

…

HTC One

Price: Rs 42,990

Down payment: 0

9 EMIs: Rs 4,799

Zero per cent interest

Zero processing fee

No exchange

No cash back

…

While manufacturers advertise that there is no processing fee, read the fine print. Many banks charge processing fees on select smart phones. It also depends on the stores.

The average processing charge on credit cards can be up to 8.75 per cent on the principal amount.

An iPhone 5 in that case can cost up to Rs 49,990. Before opting for any EMI scheme, do find out about the processing fee.