The Apple iPhone got a huge increase in sales in India thanks to the monthly payment installment plans and EMI schemes. This new sales offer increased Apple Inc. (NASDAQ:AAPL)’s smartphone sales by 300 percent to 400 percent within the past few months. Before the new installment plan took place, the average iPhone sales in India ranged from 70,000 to 80,000.
Sunil Tirumalai (research analyst from Credit Suisse) explained, “From our channel checks we believe that iPhone sales are nearing 400,000 units per month in India – that is nearly 3 percent share of handset sales for a single top-end product in a market that has long been dominated by low-end feature phones.”
Unfortunately, Apple Inc. (NASDAQ:AAPL) does not reveal their sales figures for any particular market. They also didn’t leave comments regarding the sales figures reported by the industry.
Just four months ago, Apple Inc. (NASDAQ:AAPL) launched their EMI scheme to entice buyers to purchase the iPhone 4 or 4S models, make a small payment upfront, and pay the rest over time without interest over the next six to twelve months.
Tirumalai explained further, “”The 4-9 percent implicit discount coupled with the option of easy EMI’s spread over 6-12 months became popular. Within a few months, our discussions with handset retailers indicated that iPhone sales went up 3-4x, forcing companies to respond.”
The iPhone has also become a little bit more affordable in the United States. Just a few months ago, T-Mobile started selling the perennial favorite. Shoppers can pay a down payment of $149.99 on the iPhone 5 8GB and make monthly payments of $20 for two years. For shoppers who don’t want to pay a high price for a new Apple phone, the iPhone 4 starts at $18.00 and the iPhone 4S starts at $69.99.
Apple iPhone’s Cheaper Version
There are also reports that Apple Inc. (NASDAQ:AAPL) will soon release a smaller and cheaper version of their smartphone called the iPhone Mini. If this rumor turns out to be true, it most likely won’t debut until the early fall along with the anticipated iPhone 5S.