Actually, I'd say this is the actual way you should do it.Total Cost of console is 21000 For Un-Mod ( Right Now Talking About Xbox - 360 )
21,000
+3,360
----------
24,360 Rupees
Minimum Amount to start is 5000 As Advance....
Rps 21,000 x 16 percent = Rps 3,360 = Rps 24,360 ( I. E unmod )
Rps 24,360 - Advance ( 5000 ) = Rps 19,360 Remaining Balance
Rps 19,360 / 6 ( Months Installments ) = Rps 3,226 Per month....
Rs 21,000 - Rs 5,000
= Rs 16,000 (Why would you add the advance to the amount? You get that right away, don't you?)
On the Rs 16,000, 16% interest PER YEAR would translate to:
Rs 16,000 *16/100 *6/12 (You're getting repaid in SIX months, it would be improper to charge interest for 12 months)
=Rs 1,280
So, total payable should be Rs 17,280
Over six monthly installments, it should be Rs 2,880 per installment.
Just saying!
Other than that, I think it's an awesome idea, and would be interested in availing it myself.