Purchasing smartphones made easy via interest-free installments

By Muhammad JuniadPublished On 05 Jan 2023

If you had long planned on snapping up a smartphone but were cash-strapped, no time like the present because the government has now launched a scheme to get you your dream phone through an interest-free installment plan.

The initiative has been planned out by the Federal Minister for Information Technology (IT) and Telecom, Syed Amin-ul-Haque in collaboration with KistPay– the Shariah Compliant Financing platform.

The objective of the scheme is to encourage interest-free installments, especially to the low-income group in order to increase their access to technology.

Besides that, for the acquisition of smartphones, no one will have to go through a lengthy application procedure or give any guarantees.

Initially, only 20-30% down payment is required, Federal Minister Amin-ul-Haque shared.

Additionally, the “Smartphone for All” scheme will offer simple, 3–12 month interest-free installments on smartphones priced between Rs10,000 and Rs0.1 million.