The iPhone Experience
The Apple iPhone is arguably one of the most sought-after gadgets in recent years and sadly remains elusive to many young Malaysians. Unfortunately, while the phone itself is pretty amazing, its price is out of reach for a lot of us.
With the introduction of U Mobile U MicroCredit however, iPhone ownership is no longer a dream. In fact, for the very first time, those without credit cards or the ability to make large upfront payments can finally buy an iPhone, even the latest model without going broke!
Here’s what iPhone enthusiasts need to know about U Mobile U MicroCredit:
What is U Mobile U MicroCredit?
Think of it as a mini loan extended to you to help purchase your iPhone. You can borrow as little as RM1, 000 to as much as RM4, 250 with a maximum repayment period of 36 months. Under this plan, you do not have to hold a credit card or make hefty deposit payments.
What are the benefits U Mobile U MicroCredit?
Through U MicroCredit, partial and full financing options are available to allow you greater flexibility and freedom to borrow more or less, depending on your needs. For example, you can choose to partially finance your purchase and pay the balance with your credit card or cash. On the flipside, you can opt for full financing to cover your phone if you just don’t have the funds you need.
Furthermore, with multiple repayment period options available (12, 24, 30, and 36 months), you can easily spread out your repayments to make them more affordable or reduce the number of instalments if your income allows.
Now one of the best features of this financing plan is that the interest rates offered are quite low, keeping the cost of borrowing at a reasonable level. But the most practical benefit of all? You won’t have to blow all your savings! In fact, you can keep them intact while you make repayments within your means every month.
How to apply for U Mobile U MicroCredit?
The application process is straightforward and uncomplicated. All you need to do is fill out the U Micro Credit Application Form online and have the necessary support documents on hand to upload. Alternatively, you can walk-in to a U Mobile Store or Premier Dealer and apply there. Don’t forget to bring along a copy of your identity card and proof of income documents.
Once you’ve applied though, your application is subject to a credit assessment, which if successful, brings you much closer to enjoying your very own iPhone.
How does U Mobile U MicroCredit compare to similar products?
The concept of microcredit isn’t exactly new to Malaysia as commercial and development banks have offered microloans for entrepreneurial purposes for years. However, U Mobile was the first to rollout a microcredit plan for device financing through a partnership with AEON Credit Service.
Other products do exist to help buyers own an iPhone but it often requires a credit card or big deposit payment which excludes a lot of people.
For instance, Telco D may offer an Easy Payment Plan, but the drawback is that you must have a credit card to apply. On the other hand, with Telco M, you can buy the iPhone at a subsidised price, but this still means that you need to have a large sum of cash on hand nonetheless.
Thus, there are pretty big barriers to owning an iPhone without a credit card or sufficient cash saved up. What this also implies is that U Mobile U MicroCredit is still the most viable option for anyone seeking to affordably buy an iPhone.
Should You Go for the U Mobile U MicroCredit Plan?
There are several points that make this plan an easily accessible and possibly unbeatable iPhone financing option. For instance, it’s workable without a credit card, you can avoid hefty initial payments and remarkably, with its current limited-time iPhone SE Special UMC Promotion, the interest rate is even lower at only 0.7%. So this now makes the iPhone, a notably high-end gadget, affordable at last!