The wait is finally over. The low-cost 4G smartphone that Reliance Industries’ Jio developed with Google will launch in stores from Diwali for Rs. 6,499 ($87).

The smartphone, a product of a $4.5 billion Google investment in Reliance’s digital unit last year, would be available in installment too after an upfront payment of Rs. 1,999, while the rest can be paid in easy installments spread over 18 to 24 months, an official statement from Reliance said.

This is for the first time the Mukesh Ambani-owned company has introduced an EMI scheme for a device in this category, making it accessible for a much wider set of consumers. Analysts believe the installment scheme can help the company in attracting more customers.

The company has launched the phone in four different installment schemes, including data plans.

The phone would run on Pragati OS, which is a tweaked version of Android, and has been built specifically for India with the processor from Qualcomm.

Commenting on the launch of JioPhone Next, Mukesh Ambani, CMD, Reliance Industries, said, “I am delighted that Google and Jio teams have succeeded in bringing this breakthrough device to Indian consumers in time for the festival season, inspite of the current global supply chain challenges caused by the Covid pandemic.”

According to Alphabet and Google CEO Sundar Pichai, “The JioPhone Next is an affordable smartphone designed for India, inspired by the belief that everyone in India should benefit from the opportunities the internet creates. To build it, our teams had to work together to solve complex engineering and design challenges, and I’m excited to see how millions of people will use these devices to better their lives and communities.”