Mobile Phone on Installments

[Sani]

Hello everyone,

Hope everyone is going good.

I need to ask that is it a good idea to buy a mobile phone on installments? I am low on cash now a days and have been waiting for a while now and my phone's WiFi has gone bad and it's causing me trouble in my daily life as you know without WiFi, phone is almost useless.

So please let me know is it a good idea to buy it on installments and also if someone can recommend a good and trusted shop for this purchase. Thank you.

 

[zafarabbasrizvi]

Hello everyone,

Hope everyone is going good.

I need to ask that is it a good idea to buy a mobile phone on installments? I am low on cash now a days and have been waiting for a while now and my phone's WiFi has gone bad and it's causing me trouble in my daily life as you know without WiFi, phone is almost useless.

So please let me know is it a good idea to buy it on installments and also if someone can recommend a good and trusted shop for this purchase. Thank you.

It depends from where your getting phone. Few places charge phone on invoice rate which could be more than 500 to 3000 more than market value. Like if you buy a Huawei phone with invoice value of 25000, it could be available in market in 23000 on cash. But many corporations charge phone on invoice rate only to get maximum profit. They also charge processing fee (could be 500-1000) along with markup for installments.

So if a phone's price is 23000 cash in market you could ended up paying 25000+(500 or 1000 proc. fee)+(20% m.u which is 2500 for 6 months). With this you will get 23K phone in 28K-29K for 6 months installments. Since you are short of cash, you can negotiate with them to pay 60% cash and remaining in installments like that for minimum markup.

When buying on installments, always search seller who charges lowest markup and processing fee along with cash price instead off invoice price. Good luck!

Sent from my Redmi Note 4 using Tapatalk

 

[Sani]

It depends from where your getting phone. Few places charge phone on invoice rate which could be more than 500 to 3000 more than market value. Like if you buy a Huawei phone with invoice value of 25000, it could be available in market in 23000 on cash. But many corporations charge phone on invoice rate only to get maximum profit. They also charge processing fee (could be 500-1000) along with markup for installments.

So if a phone's price is 23000 cash in market you could ended up paying 25000+(500 or 1000 proc. fee)+(20% m.u which is 2500 for 6 months). With this you will get 23K phone in 28K-29K for 6 months installments. Since you are short of cash, you can negotiate with them to pay 60% cash and remaining in installments like that for minimum markup.

When buying on installments, always search seller who charges lowest markup and processing fee along with cash price instead off invoice price. Good luck!

Sent from my Redmi Note 4 using Tapatalk

Thanks for the reply bro. I inquired about the sellers on OLX in Rawalpindi and all of them are giving it on 38,400 i.e. 3200x12 months and in the market the phone is 32,000.

 

[zafarabbasrizvi]

Thanks for the reply bro. I inquired about the sellers on OLX in Rawalpindi and all of them are giving it on 38,400 i.e. 3200x12 months and in the market the phone is 32,000.

Get in 6 month. It may cost less

Sent from my Redmi Note 4 using Tapatalk

 

[Sani]

Get in 6 month. It may cost less

Sent from my Redmi Note 4 using Tapatalk

Yes, I will ask them again about 6 months option. I made this thread to know any risk involved. If i pay installments on time then there is nothing to worry about right?

 

[zafarabbasrizvi]

Yes, I will ask them again about 6 months option. I made this thread to know any risk involved. If i pay installments on time then there is nothing to worry about right?

Yes.

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[Leon]

Yes, I will ask them again about 6 months option. I made this thread to know any risk involved. If i pay installments on time then there is nothing to worry about right?

Do u happen to have any standard chartered/alfalah/silk bank credit card? Daraz is offering upto 12 month installments on those cards at 0% markup.


Sent from my Redmi Note 4 using Tapatalk

 

[Sani]

Do u happen to have any standard chartered/alfalah/silk bank credit card? Daraz is offering upto 12 month installments on those cards at 0% markup.


Sent from my Redmi Note 4 using Tapatalk

No, I don't. :frown:

I have Meezan Bank's Debit Card only.

 

[sinnersaint]

Do u happen to have any standard chartered/alfalah/silk bank credit card? Daraz is offering upto 12 month installments on those cards at 0% markup.


Sent from my Redmi Note 4 using Tapatalk

is it real 0% markup or there is some processing fees/hidden charges as well?

 

[Leon]

is it real 0% markup or there is some processing fees/hidden charges as well?

They claim that there are no charges but you have to try it to find out.

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[Dasa94]

is it real 0% markup or there is some processing fees/hidden charges as well?

Do post here if you do decide to gi for daraz.pk installments plan. I was thinking about getting a phone on installments from them too.

Sent from my D6503 using Tapatalk

 

[farhanTX]

they inflate device price and make money that way