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Wish to Buy the New iPhone 13? Here's How to do it with a Credit Line

Author: Chinmay T Barot
by Chinmay T Barot
Posted: Dec 27, 2021

Apple is an expensive brand, but the products are worth it. The phones especially are built with software that replaces standard technologies. You can ensure smooth HD videos and photos with digital copies of all data in iCloud. It comes with an A15 bionic chip, ceramic shield front, haptic touch, oleophobic coating, and cellular and wireless models. But the price is on the higher side. It is mainly because these phones are not built in India and acquire a 22.5% customs duty. So, customers end up paying extra money just as custom tax to get the phone. But fret not. You can still buy your dream phone.

An iPhone 13 with Credit Line

A line of credit is a flexible product offered by financial institutions. The good news is that the interest is charged only on the amount utilized. This makes the product affordable and convenient in comparison to traditional banking systems. In addition, an instant credit line cash reserve can help you fund the purchase. You are given a personal cash reserve of up to?1,00,000. The money is sent to your bank account instantly. Withdraw and use as per convenience.

Credit Line Configuration

It is crucial to make an informed choice while opting for a credit line facility. Take a look:

  • The tenure is 1 year from the approval date.
  • The interest charged is 2.5% on BNPL loans. You have to pay an additional 2% broken interest as applicable.
  • The processing fee is?500 or 1% of the loan amount. (whichever is higher)
  • Maximum loan eligibility is 500% of the net monthly salary.

Go to the Google Play Store or App Store. Download the app and complete your profile. You will be required to upload the necessary documents. Upon completing the verification, look for the field marked ‘Credit Line’ on the product screen and click it. Set your credit limit by adjusting the slider. Now you can pick a mix of one personal loan and several BNPL loans on Flipkart or Amazon to buy the iPhone.

The maximum amount you can borrow depends on your eligibility. It will be decided as per your current salary, credit score, and credit history. So, you can work on these factors to improve the chances of scoring a higher amount. You can compare the prices on other websites and borrow the fund accordingly. Use the app to understand all aspects of the instant credit line with simple number crunching. Know the exact breakup of the loan and the EMI payable. This will help you arrange your finances better.

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Author: Chinmay T Barot

Chinmay T Barot

Member since: Sep 29, 2020
Published articles: 23

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