An iPhone is not only a smartphone but also a status symbol. The release of Apple’s latest model last month resulted in several people aspiring to buy it. However, the high price tag seemed a deterrent for many buyers who did not have adequate funds.
However, the good news is that owning the iPhone 7 does not have to be an unrealized dream. Most institutions offer loans to allow you to purchase consumer durable products.
Six benefits of consumer durable loans:
- There are no additional fees or charges levied on these loans.
- You may choose a repayment tenure based on your personal preferences ensuring servicing the loan is not burdensome.
- Lenders provide instant approvals with minimal documentation requirements making it convenient for you apply for a consumer durable
- Interest rates on such loans are not high making these an affordable way to own the latest Apple phone.
- These loans are widely available at many merchant outlets in several cities across the country
If you are at least 21 years of age, you may apply for such loans. You need to provide the following to avail of an EMI without a credit card.
- Proof of identity
- Proof of income
- Proof of Residence
While opting for this loan, you must not misunderstand and assume that there is no interest when you buy phones without a credit card. The fact is that the EMI payable for the chosen period includes an interest component. The rate varies depending on the loan tenure and a longer duration results in paying more interest for buying the phone.
Let us understand this with an example. Assume the cost of the phone is INR 70,000, and you are willing to pay 10% as the down payment. You opt for 9 months EMI for the balance INR 63,000. If there were no interest, the EMI would be INR 7,000 for this period. However, the amount you pay will actually be INR 7,295 assuming the interest rate is 10% per annum.
You do not have to settle for the iPhone 6 just because you have insufficient money. Buy the iPhone 7 using a consumer durable loan. Conduct extensive research on different lenders and understand their terms and conditions to make the right choice.
You can opt for a bank or a non-banking financial institution, to understand their offers and interest rates on the latest mobile phones. For instance, Capital First provides instant online pre-approved consumer durable loans on their website. Similarly, there are a lot of lenders that offer attractive offers that make it easier for you to own that latest iPhone.
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