Who would not dream to get their hands on the latest iPhone 11 Pro, the Samsung Galaxy S10+ (Camera Review) and the famed low-light photography king Huawei P30 Pro (Camera Review) but sadly, the rising prices of the smartphones and our limiting budget makes it impossible to make these phones our personal belongings. But what if there is a way to buy the most expensive devices by paying a small monthly fee?
The concept of borrowing on installments is not new to us but what many people do not know is that they can buy smartphones on installments in Pakistan. Many banks and online stores offer different installment packages to help users purchase their dream phone.
If you are in love with a smartphone and can’t pay all the money upfront, check out our list of active installment plans that may suit your needs.
Note: PhoneYear does not endorse these installment plans or the platforms offering this service to people. We have tried to compile a list of credible offers to the best of our abilities but the organization is not liable for any issue or problem so we advise caution while getting a long term installment plan.
Buy Smartphones on Installments via Banks
Here are some of the banks that can help you buy smartphones on installments:
Habib Bank Limited or commonly known as HBL can help you buy a phone on installments but the catch is that you have to be the owner of the bank’s credit card.
The company charges 0% markup on different plans depending upon the smartphone but with interest, allows the user to pay up in as long as 36 months.
With the help of HBL installment plan, you can pay gradually for the smartphones from the following brands
Just like HBL, Bank Alfalah can also help you to buy smartphones on installment but only if you possess the bank’s credit card. The offer is part of Bank Alfalah’s step by step installment plans which involves a wide variety of products from electronics, smartphones to household stuff like mattresses.
Under this program, you can find popular smartphones of the following brands:
For its credit card users, Muslim Commercial Bank aka MCB also offers the luxury of buying their dream mobile phone and paying for the device in installments. The bank is running two different services to help you get your hands on your desired device, one is the I-Plan and the other is a direct partnership with other smartphone brands.
With I-Plan, the MCB credit card user can turn any retail transaction of Rs. 3000 or above into installments of monthly payments. The bank will charge 0% markup for 3 months plan but for 6, 12, 18, 24, 30 or 36 months, MCB will charge interest on top of the principal amount.
The bank has also partnered with some smartphone brands including Samsung, Huawei, and Honor to provide easy installment plans for the fan favorite devices. Here, the terms are more generous as you get 0% markup for the 12 months plan.
The best thing about using the installments plan of Meezan Bank is that you don’t have to be the owner of a credit card or even a bank account holder and you can simply fill up a form to get your hands on your desired smartphone. It offers devices from the following brands:
What’s great about Meezan Bank’s installment plan is that the user gets a wide variety of smartphones including the Huawei P30 series including P30 Pro (Camera Review), P30 and P30 Lite, the OPPO F11 series, etc.
To buy smartphones on installments with Meezan Bank, you will need to make a down payment specified by the institution and you can choose between 3, 6, 12, 18 and 24 months plan.
You can click here to browse through all the phones available under this plan.
How to Avail the Installments Plan
To be eligible to avail this service, you need to fulfill the criteria mentioned below:
- Citizenship: The person needs to be a Pakistani citizen, an adult and a permanent resident of the country
- Age: The person needs to be 20-65 years old (Businessmen & SEP) at maturity and 20–60 years old (Salaried employee) at the time of maturity
- Income: for salaried class, income should be Rs 25,000 or above, for SEP and businessmen it should be Rs 40,000 or above
Since the ban does not require a person to own a credit card, the monthly payments will be made through Direct debit instruction (DDI). It means that Meezan Bank, with your permission, will collect future payments directly from your account every month irrespective of which bank you use for your financial needs.
Silk Bank offers the option to buy smartphones on installments but only for its credit card users. At the moment, it only entertains this service for Huawei and Xiaomi mobile phones but on and off, it brings offers involving other smartphone brands as well.
For people who want to buy a Xiaomi device with Silk Bank’s credit card can opt for the installment plan when they are purchasing it online from the Mi store.
With Standard Charter’s credit card, the user can get their hands on their favorite smartphone and opt to pay for installments instead of coming up with all the money up front. This service is available under the Sadiq Installment program and the bank will charge 0% markup for 3 and 6 months plan.
Standard Charter also offers 12, 18, 24, 30 and 34 months plan but you will have to pay interest on top of the principal amount.
Buy Smartphone on Installments via E-commerce Store
Following e-commerce stores allow the option to buy smartphones on installments in Pakistan:
The e-commerce website, HomeShopping has a special ‘HSN Flex Pay’ program for its users where people living in Lahore and Karachi can purchase anything worth Rs. 10,000 on a lease from the e-store and pay the money in installments. But to buy a smartphone on installments, you will need a guarantee of at least one friend or relative.
The e-store takes a day for verification of the customer’s information and dispatches the product the next day. For a smartphone worth over Rs. 100,000, the store could ask a cheque from guaranteer.
HomeShopping offer lease plans ranging from 3 to 18 months but higher the months’ count, higher will be the interest charged from the user. You can click here to see the different installment plans offered to the users.
As for the monthly payments, the e-store will store the post-dated cheques of the number of installments and will cash them in every month.
Shophive is another e-commerce store which offers the option to buy smartphones on installments but the service is reserved for the residents of Lahore only. Just like HomeShopping, Shophive takes a day to verify the provided information and if the installments plan is approved, the product will be dispatched the very next day.
It also requires a guarantee of a friend or a relative and in case the amount of the smartphone exceeds Rs. 100,000 the guaranteer will be asked to submit a cheque to the e-store as a fail safe.
Shophive offers 6, 12 and 18 months of installment plans and collects interest over the principal amount over the said time period. You can click here to know more about the installment packages of the e-commerce site.
The e-store also takes post-dated cheques of the total amounts to ensure the monthly payments by the user.
Installment4U is an online platform which offers installments on a range of products including smartphones but only to the residents of Karachi.
The program claims to be Riba-free but while summing up the amount you can notice the service charges sneaked into the total amount but they are nowhere close to the high fees demanded by HomeShopping and Shophive.
To get your dream phone on installments, all you have to do is to go to their site, select the offering and fill the form based on whether you are a salaried person or a business owner. Keep in mind, that you will have to make a down payment for a smartphone assessed by the site before claiming the product as yours.
You can click here to browse through their selection of smartphones and see the installment plans.
It is an online leasing platform which offers the ease of paying for a smartphone in installments. Most of the smartphones available for the program are for residents of Lahore while a few are for people living in Faisalabad.
The site offers the following steps to buy smartphones on Installments:
- Select a device
- Apply online (provide the relevant information)
- Confirmation call by Dreams.pk
- Visit by verification officer
- Product delivery
- Consumer age should be 18+
- Valid CNIC holder
- Monthly income should be four times the monthly installment value of the product
- Clearance letter required from police officers, lawyers, press/media reporters, property dealers, and cable operators.
- Documentation fee will be 500.
It is yet another online platform that can help you buy smartphones on installments. Their service is not limited to a single city or province and people across Pakistan can purchase a mobile phone from their site.
All a user has to do is to select a phone from their site, choose 30% of the phone’s price or first installment as the advance payment and finally choose the installment plan to see the details of the money that you will have to pay.
You can click here to see the collection of smartphones on the platform
- Copy of CNIC
- Latest electricity bill
- Proof of income
- 3 Security cheques
- 1 person guarantee with CNIC copy, signature & thumb impression if product amount is less than Rs. 30,000
- 2 persons guarantee with CNIC copy, signature & thumb impression if product amount is greater than Rs. 30,000
- Physical verification from credit officer if the product’s price is greater than Rs. 80,000
Documents processing charges will be applied and communicated by RD Outlets Team
Oninstals offers easy installments to people who cannot afford to buy a smartphone of their choice upfront. The site offers smartphone products from Apple, Huawei, Samsung, OPPO and Vivo which can be purchased with easy installments lasting for 1 to 4 years.
Hanif electronics offers the option to buy a smartphone on installments through their online store. The service is limited to residents of Lahore and provide plans for 3 to 18 months of easy installments.
The user will have to pay extra charges which Hanif Electronics is calling “approximate increase in the price of the product.” You can click here to browse through their catalog of smartphones.
- The applicant has to provide 2 References from friends, Cousin, Business Partners or Colleagues
- Application fee of Rs. 500 will be collected by Inquiry Inspector
- NIC copies of Customer and Witnesses and the visiting card would be attached with the application form
- Verify and inspect your product carefully at the time of delivery
- The applicant has to provide post-dated cheques of all installments & security cheque at the time of delivery
Hot Smartphones You Can Buy on Installments
Here’s a list of hot smartphones that you can buy right now on installments from the above-mentioned platforms (not all banks or online sites offer all of these smartphones for installments)
- Huawei P30 Pro (Low-light Camera Test)
- Samsung Galaxy S10 Plus (Review)
- OPPO F11 Avengers Edition
- OPPO F11 and OPPO F11 Pro (Review)
- Vivo V15 Pro and Vivo V15 (Review)
- iPhone XS
- iPhone XS Max
- Huawei Mate 20 Pro