Apple iPhone 12 Home Credit installment plans

Consumer finance company Home Credit has announced a payment plan for the iPhone 12, 12 mini, 12 Pro, and 12 Pro Max, allowing you to get Apple’s latest smartphones and pay it in monthly installments for two years. No credit card is needed.

Home Credit’s Gift Payment Plan offers all four models in the iPhone 12 series, with each model also being offered in various storage options. The standard iPhone 12, for instance, is available in 64GB, 128GB, and 256GB capacities.

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Home Credit will offer you these for ₱2,786, ₱2,953, and ₱3,287 monthly payments, respectively, for two years. Take note that Home Credit will require an initial down payment that’s at least 30% of the suggested retail price of your chosen unit.

When you add up the monthly payments, the added interest can be quite massive. Essentially, Home Credit is giving you the choice to stretch out your payment for the iPhone 12 to two years in smaller installments instead of coughing up a larger sum in one go.

Related: iPhone price list in the Philippines

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Taking the 512GB iPhone 12 Pro Max as an example, you need to pay ₱86,990 if you buy it in cash. But if you use Home Credit’s deferred payment scheme, the ₱4,847 monthly payment brings to a grand total of ₱116,328 over two years. That’s a ₱29,338 added interest on top of the SRP. But if you pay on time, you can reduce that interest to ₱19,644, since prompt payments will entitle you to waived installments for the last two months.

Meanwhile, for your reference and comparison, Smart is offering the iPhone 12 series via its Signature Plans. Globe offers the phone too starting with ThePLAN 1799. We’ll let you, the consumers, decide if Home Credit’s payment plan is worth availing of considering other options from the competition.

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