You may have experienced the moment when you're casually scrolling through your social media feed, and suddenly, an enticing iPhone advertisement catches your attention. The sleek design, seamless performance, and advanced features may have tempted you to own one for yourself. However, its hefty price tag may have left you feeling disheartened and compelled to move on.
But those days of disappointment are now behind you! It is now possible to purchase an iPhone without straining your finances by opting for the convenient EMI option. In this article, we will explore how you can buy an iPhone on EMI and provide valuable insights on effectively managing your EMI payments.
Before we proceed, let's take a moment to explore the advantages of buying an iPhone on EMI.
Benefits of EMI
A report by Counterpoint Research suggests that Apple holds around 22% of all smartphone sales globally, which shows its demand and popularity. So consumers are increasingly getting inclined towards buying the iPhone on EMI.
EMI is a financial instrument that breaks down the cost of any product into smaller and more affordable monthly instalments. The advantages of choosing EMI are:
1. Purchase an iPhone without having to pay the entire amount immediately.
2. EMI makes purchases more affordable by splitting the iPhone’s price over a specific duration, making it more reasonable and budget-friendly.
3. EMI plans offer multiple tenure options allowing you to choose the best-suited one according to your financial plan and repayment capacity.
4. EMIs come with zero or minimal interest, saving you more money than other instruments.
5. Consistently paying all your EMIs on time results in an increase in your credit score.
How to Buy iPhone on EMI
An EMI plan requires you to provide the necessary documents. They are generally your identity, residential, and income proof but can be more based on the financial institution. You can furnish documents like your Aadhar card, voter ID, passport, income tax return, bank statement, and salary slip in support as proof.
Now follow the below steps to buy iPhone on EMI online or via physical stores offline:
1. Choose the desired model of the iPhone with the storage capacity you wish to buy.
2. Check if the EMI option applies to your chosen iPhone model and aligns with your financial budget and repayment plan.
3. Remember to check the EMI plan's interest rates, processing fee and tenure.
4 Ensure you have sufficient funds on your credit or debit card. If not, then you must opt for a consumer durable loan.
5 When buying an iPhone online, select the EMI payment option. Then choose your preferred bank to proceed with the EMI payment.
6 Then provide the necessary details and complete the required documentation process for the EMI plan.
7 Once your EMI plan gets approval, you can pay the down payment. The remaining amount will be broken into monthly instalments.
After you pay the down payment, you will receive your iPhone.
8. Monitor your EMI plan details and repayment schedule and never miss any due EMI to avoid paying extra charges as penalties.
After payment, you will receive a confirmation email and text from the seller and financial institution. Also, you will receive a detailed plan consisting of the EMI amounts and the corresponding dates each needs to be paid. Only after completing the EMI payment tenure will you own the iPhone.
Always know that an EMI application and approval process can differ from one financial institution or retailer to another. Therefore, you should review all the terms and conditions thoroughly before applying.
How to Manage Your EMI
It is crucial to effectively handle your payments toward your iPhone on EMI for financial stability and to prevent repayment-related stress. Follow the below points for a stress-free EMI payment experience:
1. Analyse your financial situation
Evaluate your current financial status before opting for an EMI plan. This will help you to select an EMI plan that aligns with your financial situation.
2. Pick the right EMI plan
Choose an EMI plan with a reasonable term and interest rate. A longer tenure may result in lower monthly payments but higher overall interest, and vice versa. Evaluate your repayment capacity and financial goals before choosing.
3. Make a budget
Create a monthly budget including your income, expenses, and EMI payments. This will help you track your spending, reduce additional costs, and ensure you have sufficient funds to make your EMI payments on time.
4. Prioritize debt repayment
Try to repay your high-interest debts first, as they can quickly become unmanageable. Assign any additional income or savings towards debt repayment to reduce your overall interest costs.
5. Possess an emergency fund
Allocate a part of your income to an emergency fund for unforeseen expenses or emergencies. This will help you to avoid taking extra loans or credit, which can further strain your finances.
6. Monitor your credit score
Check your credit score regularly so that your EMI payments positively affect your credit history. Plus, a good credit score improves your chances of securing future loans.
7. Take proactive steps
Communicate with your lender for potential solutions if you face issues in paying EMIs. These can include loan restructuring or repayment tenure extension.
8. Avoid unnecessary borrowing
Resist taking additional loans or credit unless necessary. Instead, commit to repaying your current debts and improving your financial stability.
The Bottom Line
It's a dream of every individual to own the latest model of iPhone as there's a certain pride and confidence associated with it. By buying iPhone on EMI, you too can possess this powerful device.
However, if you want to purchase an iPhone but don't have enough budget, opt for consumer durable loans from Tata Capital. We offer loans at competitive interest rates with minimal documentation. Moreover, our application process is extremely simple. By opting for a consumer durable loan, you don't have to compromise on your dreams and can get an iPhone without any down payment.
So, do not let financial constraints stop you. Instead, choose our consumer durable loans and experience the joy of owning an iPhone. Apply today!
30 May 2023
6 mins read
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