Apple has teamed up with Ant Financial Services and several other local Chinese banks to offer 0 percent financing on iPhones for new customers. Initially reported yesterday, Apple has already updated its website with the new scheme where customers can get the iPhone XR by paying 271 yuan per month.
For the iPhone XS, customers will have to pay 362 yuan per month for two years. They can also lower the monthly installment payment by trading in their existing smartphone. Customers can get 0% financing for all their Apple product purchases provided their total purchase value is more than 4,000 yuan. The interest-free financing options are available in periods of three, six, nine, 12, and 24 months.
Other banks like China Construction Bank, China Merchants, Agricultural Bank of China are also offering 0% financing on a minimum purchase of Apple products of 3,000 yuan.
This is the first time that Apple is offering 0% interest-free financing to customers in China for buying the iPhone. Due to the slowdown in iPhone sales, the company has had to take a number of drastic steps in recent times. This includes asking major e-commerce retailers like Suning and JD.com to reduce iPhone prices by 20 percent, aggressively pushing its trade-in program, and more. The company recently extended its trade-in program in China to March 25 and it is rumored to launch a ‘China Red’ iPhone XS as well to attract customers.