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NEW DELHI – For many Indian consumers, owning an iPhone remains a status symbol. Therefore, it would be easy to assume that Apple dominates smartphone purchases made through easy monthly installments.
But the reality is completely different.Samsung is the leading smartphone brand in the country in terms of devices sold through financing, followed by Vivo and Apple, according to Counterpoint Research. Oppo and Xiaomi rounded out the top five, indicating how brands with a strong offline presence are outperforming their competitors in the fast-growing EMI market. The research firm estimates that financing — including loans from non-banking finance companies (NBFCs) as well as credit and debit card EMIs — will account for 42% of smartphone sales in India in 2026, up from 35% in 2025.
The shift comes as rising component costs continue to drive up smartphone prices, making one-time purchases less attractive.“India’s smartphone market remained under pressure in the first half of the year due to rising memory prices, and this trend is expected to intensify further. Against this backdrop, smartphone financing is gaining ground as a primary purchasing mechanism,” said Tarun Pathak, Research Director, Counterpoint Research.
About 67% of financed smartphone sales are supported by NBFCs, with particularly strong demand in Tier 2 and Tier 3 cities where credit card penetration is relatively low, he added.“Samsung’s strategy of using Samsung Finance+ in addition to other financing options is working to its advantage,” said Prashir Singh, senior analyst at Counterpoint. Retail brands like Samsung, Vivo and Oppo have higher financing penetration because offline stores allow consumers to understand the loan scheme better, Singh said.