HDFC Bank ties up with Apple to offer cash back on iPhones, iPads

For Apple fans disappointed by the hike in prices of iPhones and other Apple products earlier this month following the Union Budget, there is a fresh opportunity. HDFC Bank has partnered with Apple to offer EMI-based cash back on some iPhone models.

For example, Rs7,000 cash back can be obtained on purchasing the iPhone 6 or iPhone SE and Rs10,000 on the iPad 9.7-inch, iPad Pro and iPad Mini 4 using HDFC Bank debit card, credit card or consumer durable loans.

The Valentine's Day offer from HDFC Bank for Apple products will be eligible at only select authorised offline Apple sellers between 9 and 14 February. The cash back is not available on online purchases.

Customers looking to buy the iPhone SE can effectively avail the 32GB variant at Rs 19,000, down from Rs26,000 (MRP) and the 128GB variant at Rs28,000, down from Rs 35,000 (MRP) through the cashback offer.

One can also buy the iPhone SE at a lower price of Rs15,000 for the 32GB variant from some stores selling it at MOP rather than MRP. Similarly, the 32GB iPhone 6 can be bought for as low as Rs20,000 through the EMI-based cashback offer, down from its current Rs27,000.

No cash backs or discounts are available on the latest iPhone X, however.

HDFC Bank is also offering Rs 10,000 cashback on the 9.7-inch iPad, iPad Pro and iPad Mini 4. This means that customers can effectively purchase the 9.7-inch iPad (32GB, Wi-Fi only) for Rs 18,000 and the 128GB Wi-Fi-only variant for Rs 25,700, down from Rs 28,000 (MRP) and Rs35,700 (MRP) respectively. The same Rs10,000 cashback applies for the iPad Pro and iPad Mini 4. Note that some sellers can apply the cashback on MOP or MRP so the effective price will vary accordingly.

The EMI for cashback will be valid through Bajaj Finserv, Capital First and HDB Financial Services. However, the cashback will not be valid for HDFC Bank Corporate cards.

This effectively puts the iPhone SE at a price of Rs 19,000 for the 32GB variant, while 128GB variant will cost around Rs 28,000 if one avails the cashback offer. Apple iPhone 6 is priced at Rs 31,900 officially for the 32GB version and with the cashback, the price would be Rs 24,900.

Apple iPad's purchased under no cost EMI will also be eligible for the cashback offer. The terms and conditions add that the customer will not receive cashback if not eligible as per charge slip, so those considering this should check the charge slip when paying for the device.

The cashback will be credited on or before 90 business days from the date of transaction, says the company, which is standard for most cashback transactions. Also the offer is limited to a maximum of two transactions per card.

Earlier this month, Apple increased the prices of its iPhone models following a hike in custom duty from 15 per cent to 20 per cent. The iPhone SE is the only model that wasnt affected as it is the only iPhone that is manufactured in India.