Apple Inc's new financing plan for sale of iPhone 6 and iPhone 6 Plus does not seem to have gone down well with the American population that has been fed of the 'two-year contract' system.

The two-year contract, which limits the buyers from owning the phone, has been already annoying the population in America. Now that Apple took up the same policy, it came as a jolt to smartphone pricing index.

On Wednesday, Apple announced iPhone 6S that would start at $199 EMI with a new two-year contract, and the 6S Plus would be available at $299 on contract. Apple banked too much on this new marketing policy. However, the absence of any discount plans in the announcements disappointed the buyers.

As per the new policy, buyers can pay $27 to $31 a month for 24 months for the iPhone 6S and 6S Plus directly to Apple. However, until two years, the phone cannot be totally owned by them.

The plan comes with one welcoming upgrade offer. The buyers, under the contract, can upgrade to new iPhone after 12 months of purchase. The installments will continue for another one-year uninterrupted.

The only advantage is that the phone will be sold unlocked and will fit services with all telecom operator sim cards.

The cost involved in the scheme, however, has come down gradually. The phone now costs $649 without a contract. Under the $199 plan, the buyer saves $15 a month for maintenance services.