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iPhone on EMI
Are you dreaming of owning the latest iPhone but are worried about the high upfront cost? Do not let financial constraints hold you back from enjoying the best technology. Nowadays, you can bring home your desired iPhone on EMI (Equated Monthly Instalments)! So, let us understand the process of availing a shopping loan for purchasing an iPhone on EMI and understand the benefits of using an iPhone EMI calculator.
Why Do You Need a Loan for Buying a New iPhone?
Apple products are known for two things: their cutting-edge quality and the exorbitant amounts of money they cost. If you wish to buy the newest iPhone nowadays, you may have to pay for an arm and a leg. However, you do not have to pay the full amount upfront and can opt for a shopping loan instead.
With a personal loan for an iPhone, you can repay the borrowed amount in easy installments over a predetermined period, making it an effective solution to stay up to date with your iPhone game.
Advantages of Buying an iPhone on EMI
Here are some of the many benefits of opting for an iPhone shopping loan:
- Budget-Friendly Approach: By choosing an iPhone on EMI, you can avoid the burden of a hefty upfront payment. Instead, you can distribute the cost over a period that suits your financial capabilities, enabling you to manage your budget more effectively.
- Access to the Latest Tech: Personal loans for buying iPhone empowers you to stay up to date with the latest iPhone models. Whether it’s the iPhone 13, iPhone 12, or any other variant, you can choose the iPhone that matches your preferences and aspirations without compromising your financial stability.
- Flexibility in Repayment: You can always avail of flexible repayment options that suit your budgeting convenience. By going for a tailored EMI plan, you can select a tenure that fits your repayment capacity and comfortably repay the loan over time. You can also take advantage of prepayment if you want to.
Which iPhone Can You Buy On Loan?
There are no restrictions on the make and model of the iPhone you can buy on EMI through a personal loan. Here are some of the best and most latest iPhone you can avail of on EMI.
- iPhone 11: The iPhone 11 was released in 2019 and features a 6.1-inch Liquid Retina display. It provides excellent performance and energy efficiency. The highlight of the iPhone 11 is its camera system, consisting of dual 12-megapixel cameras with wide and ultra-wide lenses, offering improved low-light photography and impressive video recording capabilities.
- iPhone 12: Released in 2020, the iPhone 12 lineup includes four models: iPhone 12, iPhone 12 mini, iPhone 12 Pro, and iPhone 12 Pro Max. They all feature the new flat-edged design and 5G compatibility. The display of the iPhone 12 and 12 mini measure 6.1 inches and 5.4 inches, respectively, while the iPhone 12 Pro and 12 Pro Max boast a 6.1-inch and 6.7-inch display, respectively.
- iPhone 13: Released in 2021, the iPhone 13 series also comprises four models: iPhone 13, iPhone 13 mini, iPhone 13 Pro, and iPhone 13 Pro Max. While their display sizes remained the same as the previous generation, there were notable improvements that included a smaller notch and ProMotion technology.
- iPhone 14: Released in 2022, the brand-new iPhone 14 also comes in the previously mentioned four variants. In terms of its highlights, it features a 6.7 inch variant, along with the established 6.1 inch one. The phone also comes with satellite connectivity, a livelier display, and car crash detection software.
How to Use The iPhone EMI Calculator (Steps)
Before availing of a shopping loan for an iPhone, you will have to calculate the EMI amount and the total interest payable. Finnable provides an easy-to-use EMI calculator that allows you to estimate your monthly instalments based on your choice of loan amount, tenure, and interest rate.
Step 1- Open the iPhone EMI calculator: Access this reliable personal loan calculator on Finnable’s website.
Step 2- Input the details: Enter the loan amount, interest rate, and loan term using the slider provided.
Step 3- Review the details: Examine the calculated monthly payment, total interest payable, and other relevant information provided by the calculator.
Step 4- Adjust the variables: Keep adjusting the loan amount, tenure, and interest rate till you find the combination that suits you best
Benefits of Buying an iPhone on EMI
There are many reasons why a personal loan can be your ideal solution to financing a brand-new iPhone. Here are a few of them:
- Quick and Paperless Application Process: Applying for an iPhone shopping loan has never been easier. The company offers a user-friendly application process that is 100% digitalised, eliminating the need for physical paperwork. You can complete the application from the comfort of your home, saving time and effort.
- Fast Loan Approval: Opting for a lender that provides a streamlined loan approval process ensures quick verification and approval, enabling you to get the funds in as little as 24 hours upon submission of the required documents.
- Competitive Interest Rates: iPhone loans come with competitive interest rates at only 1.3 to 2.3 % per month. You also get to enjoy the reduced EMI option that allows you to pay off your loan without any financial stress.
- Customised Loan Tenures: Considering that different individuals have different preferences and financial capabilities, many lenders offer flexible loan tenures that can range anywhere from 6 months to 10 years.
- Large Amount: As of now, the price of an iPhone 14 is approximately ₹1,29,900, which can be pretty hefty to pay in a lump sum. Funding the purchase of your iPhone using a personal loan ensures that you never have to worry about inadequate means.
Steps to Apply for an iPhone on EMI
In this digital age, you can easily access and avail of loan for buying an iPhone. To purchase an iPhone on EMI, follow these steps:
Step 1- Check Eligibility: Ensure that you meet the eligibility criteria to apply for an EMI, which may include factors such as age, income, credit score, and employment status.
Step 2- Select iPhone and Retailer: Decide on the iPhone model you want to purchase and find an authorized retailer that offers EMI options. Many Apple Stores, as well as other electronics retailers and online marketplaces, provide EMI facilities.
Step 3- Choose EMI Plan: Inquire about the available EMI plans. Depending on the retailer and financial institution, they may offer various EMI tenure options (e.g., 3 months, 6 months, 12 months) with different interest rates. Select the plan that suits your budget and preference.
Step 4- Submit Required Documents: Prepare the necessary documents, which typically include government-issued identification, proof of address, and income-related documents (such as salary slips or bank statements). Some retailers might ask for additional documents to verify your eligibility for the EMI scheme.
Step 5- Credit Check: The financial institution involved will conduct a credit check to assess your creditworthiness. A good credit score improves your chances of getting approval for the EMI.
Step 6- Fill Out Application Form: Fill out the EMI application form provided by the retailer or financial institution. Make sure all the information is accurate and complete.
Step 7- Wait for Approval: After submitting the application form and required documents, you’ll need to wait for approval. The processing time can vary, but you’ll usually receive a response within a few days.
Step 8- Make the Down Payment (if required): Some EMI plans might require you to make a down payment before purchasing the iPhone on EMI. This amount will be deducted from the total cost of the iPhone.
Step 9- Complete the Purchase: If your EMI application gets approved, you can complete the purchase and get your iPhone.
Step 10- Start the EMI Payments: Once the purchase is complete, you’ll be required to make regular monthly payments for the specified EMI tenure until the full amount is paid off.
Thinking Different
Buying an iPhone on EMI, you can fulfil your dream of owning the latest iPhone without straining your finances. The convenience of buying an iPhone on EMI allows you to break down the cost into manageable instalments, providing flexibility and affordability.
To make an informed decision, utilize Finnable’s EMI calculator to estimate your monthly installments and total interest payable.
Don’t let financial constraints stand in the way of owning the iPhone you desire. Apply for a personal iPhone loan and embark on your journey of technological prowess.
Frequently Asked Questions (FAQs)
Yes, many lenders offer flexible EMI tenure options for iPhone loans. You can select a tenure of up to 10 years or more.
Most loan providers do not request a down payment when giving out a loan for purchasing an iPhone on EMI.
Yes, most lenders offer prepayment of iPhone loans, subject to certain terms and conditions. Prepaying the loan can help you save on interest payments and enable you to close the loan earlier.
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