for others who want to know
The
"iPhone for Life" program offered through ICICI Bank credit cards in India is an assured buyback scheme that allows you to purchase an iPhone with 24 monthly No-Cost EMIs on 75% of the price, while the remaining 25% is a deferred payment (the "assured buyback" value).
How the "iPhone for Life" Program Works
- Purchase and EMI: You buy an eligible iPhone model at a participating Apple Authorised Reseller store using your ICICI Bank credit card. 75% of the total cost is converted into a 24-month No-Cost EMI (meaning the interest is given back as a cashback).
- Deferred Amount: The remaining 25% of the price is a deferred payment that is billed as a lump sum in the 25th month (after your EMIs are complete).
- Options After 24 Months:At the end of the 24-month EMI period, you have two choices:
- Upgrade/Return: Return the used iPhone (which must pass a quality check by Servify) to an authorised store and use the assured buyback value (the 25% deferred amount) as a credit towards a new iPhone model.
- Keep the Device: Pay the 25% balance amount in the 25th month and keep the iPhone.
Key Details
- Eligible Cards: The offer is valid on all ICICI Bank Credit Cards, except commercial, corporate, and business cards.
- Availability: The program is available at participating Apple Authorised Reseller stores and large retail formats like Croma, Reliance Digital, etc., not directly through the Apple India online store.
- Buyback Provider: The assured buyback plan is provided by Servify, not ICICI Bank or Apple directly. All terms and quality checks are handled by Servify.
- Eligible Products: The program typically applies to the latest iPhone models (e.g., iPhone 16 series, iPhone 17 series in current offers), and sometimes other Apple products like MacBooks.
This program essentially functions as a 2-year lease with a guaranteed future value, giving you the flexibility to upgrade or own the device outright after the term.