I know this one was in jest but still paying 60K in interest is slightly painful :)
Better still, sell the gold, buy the iphone. And invest 10000 rs. Per month in an fd (so you don't accuse me of selling our mutual finds) which in 24 months will give you 2.5 lakh, just about enough to buy... iPhone 19 then :)
He sold an appreciating asset to buy a depreciating one. Instead, he could have taken a gold loan, paid just ₹2,500/month approx in interest and invested ₹7,500/month in a recurring deposit. After 24 months, the ₹1.8L loan is closed on RD maturity, the iPhone is his and he still owns the gold which could easily be worth ₹2.2–2.3L by then 🥳