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Will SBI Personal Loan Interest Rate Help You Buy iPhone X?

The iPhones are adding new features that make the onlookers crazy and prompt them to buy out fast. The latest update to the series is iPhone X with features of 5.8″ Super Retina HD Display, Face ID, HDR Display, among others. But what comes as a hurdle to buy the all-new iPhone is the price tag it comes with. While the 64GB variant comes at 89,000, the 256GB is priced at 1,02,000.

Seeing the price, you may drop your plan to buy any of these phones. But, with SBI Personal Loan, you can make it your own. It’s available for numerous purposes such as buying iPhones besides being granted at affordable interest rates. Let’s check out your iPhone prospects with SBI Personal Loan Interest Rate in this article.

How Can You Buy iPhone X with SBI Personal Loan?

State Bank of India (SBI) is ready with customized personal loan offers to help you buy any of these iPhones you want. You can get the loan for about 5 years. But, iPhone purchase would get a maximum loan tenure of about 2-3 years. Still, long enough to repay the loan comfortably, isn’t it? If you want to check how smooth your loan journey would be, you can use Personal Loan EMI Calculator SBI. You just need to find the calculator online, enter the amount of loan, interest rate and tenure to compute the installments.

SBI Personal Loan Interest Rates, at the moment, are 10.65%-15.10% per annum. In case you are granted the credit for 2 years at 14% interest rate for buying each of the two iPhones, what would be the EMI? The answer is 4,273 for 64GB variant and 4,897 for 256GB. This would result in an interest outgo of 13,556 and 15,536 for 64GB and 256GB, respectively, over a period of 2 years.

Is SBI Personal Loan Better Than Credit Card to Buy iPhone X?

With a credit card, you have two options either to go with EMI or pay the whole amount in one go using the credit limit available. But not many may have the credit limit sufficient to buy out the iPhone X. And so, many would tick the EMI option. The interest rate can be 13%-18%, pretty similar to what you can get in the case of SBI Personal Loan. However, there are chances you may already be under the brunt of massive credit card dues, which could further mount by buying an iPhone and making other purchases.

How to Apply for SBI Personal Loan?

The loan can be applied easily on the website of SBI by mentioning a few personal and professional details. You just need to enter your name, residence address, income and others correctly on the website to apply. The bank executives would then collect the necessary documents from you to process your application. A processing fee equivalent to 1%-2% of the loan amount would be charged. In the case of iPhone X, the fee would be 890-1780 and 1020-2,040 for 64GB and 256GB, respectively.