Choosing a smartphone is a considerable investment, particularly when you are looking at rate-dominating, highly advanced smartphones such as the Apple iPhone 15. Similar to most flagship iPhones, the iPhone 15 is also a high-priced device. Not everyone can afford to pay the entire amount upfront, therefore many customers opt for an EMI plan. But selecting the correct EMI plan for your iPhone 15 is crucial. In this article, we look at some important factors that you should consider when choosing EMI for the iPhone 15.
Before we dive deep into the EMI considerations, let's briefly touch upon what EMI is. EMI (Equated Monthly Installment) is a fixed payment made by a borrower to a lender at a specified date each calendar month. It combines the principal amount and interest on the loan until the loan is fully repaid. Most banks provide EMI options for purchasing the iPhone 15.
The following are the key factors to consider when choosing the iPhone 15 EMI plan:
1. Down Payment:
This is the initial lump sum payment that you make when purchasing your iPhone 15. The greater the down payment, the lower the EMI you need to pay each month. If you have significant savings, you may want to make a larger upfront payment to ease your monthly financial burden.
2. Duration of EMI:
The duration of the EMI is another critical factor to consider. The length of the EMI plan will greatly impact the overall cost you pay for the iPhone 15. A shorter plan means you have to pay a higher amount each month, but the total money paid will be less. A longer duration plan will have lower monthly payments but you'll end up paying more over time due to increased interest.
3. Interest Rate:
Different banks offer varying interest rates for EMI plans. High interest rates increase the overall cost of your iPhone 15, so it’s essential to shop around and find the best rate available. Some banks even offer interest-free EMI plans for a pre-determined period.
4. BNPL Options:
BNPL or Buy Now Pay Later is a rising trend, particularly among Millenials and Gen Z. Some retailers and banks offer BNPL services where you can purchase iPhone 15 and pay for it at a later date, generally in monthly installments over a period. However, these services often levy high-interest rates and charges if you fail to pay within the specified period. Consider this option only if you are sure to pay off the entire amount within the allotted time.
5. Processing fees & other charges:
Some banks add a processing fee to the EMI, increasing the overall cost you pay for the iPhone 15. In addition, some banks charge a pre-closure fee if you repay your EMI before the tenure. It's important to read through the terms and conditions and clarify these points before choosing a plan.
6. Credit Score:
Your credit score plays a significant role in obtaining EMI options. With a good credit rating, you will get better EMI plans with competitive interest rates. If your credit score isn't up to mark, you should work towards improving it before opting for an EMI plan.
7. Your Income & Expenses:
Last but not least, take a hard look at your income and regular expenses to evaluate whether you can afford the monthly EMI payment. Having a clear understanding of your finances will help you choose the EMI plan that fits within your budget without causing undue stress.
Bajaj Finserv App
When choosing an EMI for iPhone 15, consider the interest rate, loan tenure, down payment, and any additional fees. Compare different lenders and their terms. Using the Bajaj Finserv App can simplify this process, providing detailed EMI options and quick approvals for a seamless purchase experience.
In conclusion, choosing the right EMI plan for purchasing your iPhone 15 requires thoughtful consideration and research. Compare the different plans offered by various banks, consider the interest rates, check for any hidden charges, and determine the affordability of monthly payments based on your income and expenses. Understanding and considering these factors when choosing your iPhone 15 EMI plan will enable you to enjoy your new phone without worrying about the financial strain.
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