Buying an iPhone is often a big expense that surpasses the monthly budget. Many people opt for an EMI option to afford this luxury item. Among all the debt tools, a personal loan stands as the best choice. You can easily avail this loan through an online loan app or ask at the store for finance options.
Most apple stores have registered lenders that offer personal loans for iPhone. You can also approach a bank or an NBFC and apply for a quick loan or an online loan. Personal loans have many advantages over other debt tools like credit cards when you want a longer repayment tenure.
Read on to know how to buy the latest iPhone on EMI using a personal loan.
Why Purchase an iPhone on EMI?
Purchasing an iPhone on EMI is the most feasible option when you do not have a lump sum amount to spend on this luxury purchase. In addition to that, spending a huge portion of your savings on iPhone purchase can create a big dent leaving you vulnerable against emergencies.
In addition to that, many lenders today offer easy EMI option at a very affordable rate of interest. And if you place the order during the festive season, then you might grab great discounts on both the iPhone and the loan, making your purchase much more affordable.
Easy financing option like personal loans have significantly increased the purchasing power of common people by providing easy repayment option over tenure of 6 to 60 months. You can choose a repayment option as per your capacity and affordability and pay back the loan without straining your monthly budget.
In addition to that, availing a personal loan can also help improve your credit score. If you have never availed credit before, then a personal loan is a great option to start your credit profile. This makes you more eligible for big ticket loans like home loan or car loan.
How Can I buy an iPhone Without Using a Credit Card on EMI?
Buying expensive things on EMI without a credit card has become possible with personal loans. Today, you can easily avail a loan through an online loan app and use this loan to buy an iPhone.
To avail this loan, all you require is a decent credit score to apply for a personal loan. This loan enables you to finance your purchases and turn them into EMIs. Paying back in easy EMIs is not only convenient but because of low interest rate on such purchases, it is also very affordable.
Many lenders offer you pre-approved loan to purchase an iPhone on EMI. You can buy the iPhone both online and in stores, and you can select a flexible payback period to fit your budget. Just get an online loan app, fill in your details, choose the loan amount and wait for your application to get approved.
Why Choosing a Personal Loan for Buying iPhone is an Excellent Idea?
When you purchase an iPhone with the help of a personal loan, you can divide the cost into manageable monthly payments and pay it off over a convenient repayment period of between 3 and 24 months.Apart from that, other benefits of a personal loan include:
- There is no need to submit any physical documentation when applying for a personal loan. You can opt for an online loan procedure and submit all the documents online.
- Personal loans with instant approval allow you to buy gadgets at anytime, anywhere, without concern for your financial situation.
- Following approval of a personal loan application, the disbursal is continued on the same business day. The borrower’s bank account receives a direct deposit of the loan amount post-approval.
- The interest rate is one aspect that significantly influences the EMI for a personal loan. Low-interest loan generates manageable EMIs and doesn’t stress the borrower. With a good credit score, you can get a low-interest rate on a loan easily.
What Are the Steps to get an iPhone With the Help of a Personal Loan?
Follow the steps given below to get the latest iPhone on EMI now!
- Browse your lender’s website or download the lender’s app for more convenience.
- Check the eligibility criteria for the loan before you start with the application procedure.
- Now go to the application page and fill out all the mandatory fields.
- Double-check all the details to see that you don’t make any mistakes.
- Submit all the necessary documents asked by the lender for verification.
- The lender will have a look at your application and get back to you once the verification process is over.
- Once approved the loan amount will be sent to your bank account which you can use to buy your iPhone!
Conclusion
The ever-popular iPhone is without a doubt the one smartphone with a massive following that never goes out of style. Every time a new iPhone drops in the market potential buyers go crazy over its features and looks. The only problem with an iPhone is its heavy price tag. But now with the help of a personal loan, you can buy the latest iPhone without breaking your bank account.