‘₹ 449 grows in interest “: It says that the banks, not Apple, take over on the craze of the iPhone 17 of India
In the middle of the iPhone 17 Buzz, the Authorized accountant Nitin Kaushik triggered a debate by highlighting an uncomfortable truth – Apple can sell the devices, but it is the Indian banks that make fun of the vaults.
In an article on X (formerly Twitter), Kaushik broke the figures behind the love story of India with premium smartphones. “Dursh Truth: the iPhone 17 is not Apple’s gold mine in India … These are the banks,” he wrote.
According to Kaushik, the new iPhone 17, at the price of 82,900 ₹, could see around 1 million buyers in India. Among these, around 70% – nearly 7 Lakh customers – buy on EMI diets. Although these diets make the phone affordable, they also generate huge income of interest in banks.
Kaushik’s mathematics show that with an EMI from 12 months to 14%, each buyer ends up paying 7,443 ₹ per month, spending 6,420 ₹ additional interest. Multiplyed out of 7 Lakh of these buyers, Indian banks must win an amazing 449 ₹ interest in interest.
“Consumers think they” have luxury “. Apple manufactures the product, but Indian banks use hundreds of crores of interest.
Perspicacity underlines how premium consumerism in India is closely linked to the credit economy. For many buyers, the iPhone is less a symbol of wealth and the more reflection of the suction financed by debt.
Kaushik summed up frank: “For most Indians, iPhones are not a symbol of status. They are proof of how banks monetize the aspiration.”
Industry observers agree that the trend reveals a deeper socio -economic change – that where luxury consumption in India is more and more focused on banks, lenders collecting massive profits by funding the middle class aspirations.
