Buy an iPhone with a Personal Loan – Easy & Fast Approval
5 min read | 5 months ago
Buying Phone with a Personal Loan
The iPhone is an enduring symbol of technological prowess, style, and brand value throughout the world over the last decade. There are several things of course, that make it stand out from the competition and the preferred choice for a large number of celebrities and other icons across the globe. If you have been planning to upgrade to a new iPhone, then you can consider submitting an application for loan in banks for the same. This will help you fulfill your dream of owning a high-end iPhone without having to deplete your savings or investments. You can conveniently repay the amount as per your chosen tenure under this system. Here’s looking at the same in this article.
Why an iPhone is Preferred among Buyers
There are several factors that make an iPhone a preferred choice for several buyers. These include the following:
- iPhones may be considerably faster with their A18 Bionic chips and this may comfortably surpass Android smartphones. Although the gap is narrowing over the years, there is still enough horsepower that the latest iPhones provide that helps them sail over the finish line first in terms of speed.
- Apple has ownership of the entire widget, meaning improved integration of hardware and software alike. To take an example, Face ID helps you login with 3D scanning of your face courtesy a TrueDepth sensor. This is something that many brands have tried to attempt, with limited success. Memoji and Animoji are other instances where software and hardware have worked smoothly together.
- iPhones are some of the easiest to use and navigate despite their technological prowess. Control Center and Siri have only made the experience smoother, while Apple has also come up with easier payment options, a Files app for organization, Siri Shortcuts and Suggestions, Group Facetime, and Live Photo editing among others.
Apple always updates its iPhones regularly with periodic OS (operating system) upgrades whenever you want them. This helps you use an iPhone for longer since it does not get outdated.
- Using an iPhone automatically gives you access to a cutting-edge suite of exclusive apps that run better and come with more immersive features than many other smartphones.
- iPhones are known for fast-charging and excellent battery life, in addition to coming without bloatware or preloaded carrier software that takes up unnecessary space.
- You also get access to Apple Pay, which is a great way to make mobile payments currently across supported terminals worldwide.
Top-notch customer support and family-sharing are some of the other incentives for buying an iPhone in addition to the obvious aspects like gargantuan space/storage (you can choose from various available options), easy compatibility with MacBooks and iPads, and of course, a powerful camera with fantastic abilities in a variety of conditions. Apple iPhones also have high resale value for those who like changing their smartphones frequently and exchanging them for the newest models.
How to Get a Personal Loan to Fund Your iPhone Purchase
You will find several banks offering personal loans for almost anything, right from covering wedding or higher education costs to paying for medical treatments and surgeries, renovating your home, travelling to your dream destination, and also for buying appliances and gadgets. Hence, you can easily apply for a personal loan for your iPhone purchase. What this does is free you up from the obligation of paying a lump sum amount right away. Keep your savings and investments intact, while getting funding to cover the purchase costs.
Here is how you can get a personal loan for this purpose.
You can first check out your desired iPhone model and work out its price. Do not forget to include optional accessory and warranty costs if they are needed.
Compare multiple lenders based on their interest rates on personal loans.
Once you have chosen a lender, check the eligibility criteria carefully before applying.
Maintain a good credit score (750 and above) and apply online on the website of the lender with your documents.
These will include KYC documents (address and identity proof), along with your income proof (bank statements and salary slips/income tax returns/Form 16) in most cases.
Make sure that you can afford to repay the loan by checking online with an EMI calculator.
Once you submit the documents and submit the application, the bank will verify all details and sanction your loan accordingly.
The funds will then be disbursed to your account swiftly, following which you can use them to make your iPhone purchase.
Conclusion
Buying an iPhone is not just a dream or luxury for some; many people buy it as an investment with regard to getting work done more efficiently on the move as well. However, you need not fret about raising funds for your purchase anymore. Simply apply for a personal loan and buy your iPhone seamlessly.
FAQs
1. What is the price of an iPhone in India?
The price of an iPhone depends on the model that you are buying. In many cases, it may range between Rs. 60,000 and Rs. 1.5 lakh for the latest models.
2. Can I use a personal loan to buy a laptop?
It is possible to use a personal loan to purchase laptops and other gadgets. These loans do not have limitations on how you use the funds.
3. What is the age limit for personal loans?
These limits vary across banks, although most require borrowers to be at least 21 years of age. The maximum age limit may vary between 60-65 years of age in most cases.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
