Apple’s iPhone sales in India are nearing 400,000 units per month, registering an increase on 300% to 400% over the last few months, according to Economic Times who has an access to Credit Suisse's research analyst Sunil Tirumalai’s note to clients. This has been possible due to Equal monthly installments (EMI) and cash back schemes.
 
Before the Apple introduced the EMI schemes four months back, the iphone sales were hovering around 70,000-80,000 per month. "From our channel checks we believe that iPhone sales are nearing 400,000 units per month in India - that is nearly 3% share of handset sales for a single top-end product in a market that has long been dominated by low-end feature phones," said Sunil Tirumalai.
 
Given the fact that in India which is the world's second most-populous nation after China with a huge handset market and that majority of people do not go for the high-end phones, Apple’s achievement is really remarkable.

"The 4-9% implicit discount coupled with the option of easy EMIs spread over 6-12 months became popular," Tirumalai said. "Within a few months, our discussions with handset retailers indicated that iPhone sales went up 3-4x, forcing companies to respond."
 
Apple announced EMI scheme for iPhone 4 and 4S models  offering  buyers to make a partial payment of iPhone 4 and 4S models upfront and pay the rest of the amount in installments over 6 to 12 months without paying any interest.

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