Servify Assured Buyback FAQs
- What are the program details?
The program allows you to pay for the iPhone in 24 month interest free instalments and guarantees a fixed buyback price for your iPhone when you upgrade to your next iPhone. The plan is available on iPhone 12 Pro, iPhone 12, iPhone 12 mini, iPhone 11, iPhone XR and iPhone SE at select Apple authorized reseller stores near you.
- What are the key benefits?
- 24 months No Cost EMI financing plans on consumer loans by HDFC Bank, Bajaj Finance Ltd., IDFC FIRST Bank Ltd. and ZestMoney.
- Down-payment options from 0% to 33% available.
- Assured Buyback Plan that protects the value of your iPhone against market fluctuations and insures an assured buyback value of your iPhone. This guaranteed buyback value can be redeemed against the purchase of a new iPhone. The buyback value guaranteed for each duration is as per Table-3 below.
Table -1 : Financing plans details
Financing plans* HDFC Bank
Bajaj Finance Ltd. / IDFC FIRST Bank Ltd. / ZestMoney
Down-payment amount Nil 33.3% of invoice value Tenor 24 months 24 months Interest cost 0% 0%
* The loan approval from the financier (Banks / NBFCs) is at their sole discretion.
Table -2 : Illustrative example
HDFC Bank Bajaj Finance Ltd. / IDFC FIRST Bank Ltd. / ZestMoney iPhone 12 64 GB MRP INR 79,900 INR 79,900 Down-payment amount Nil INR 26,633 EMI INR 3,329 INR 2,219 Tenor 24 months 24 months Interest cost 0% 0%
Table -3 : Assured Buyback Plan values
The buyback value of your iPhone at any given point of time within the Plan term is determined by the age of the iPhone from the Invoice date of your iPhone. The eligible buyback value is a certain percentage of the Invoice value (ASP) of the iPhone as described in the table below.
a) iPhone 12 Pro, iPhone 12 and iPhone 12 mini
Redemption period (from date of purchase) % of the invoice value 10-12 months 45% 12-18 months 40% 18-21 months 30% 21-24 months 25%
b) iPhone 11, iPhone XR and iPhone SE
Redemption period (from date of purchase) % of the invoice value 10-12 months 40% 12-18 months 35% 18-21 months 30% 21-24 months 25%
Please note : On HDFC Bank financing plan, the Assured Buyback plan is only eligible after payment of 24 EMIs or on closure of the loan, whichever is earlier. Please refer to the detailed terms and conditions on the assured buyback plan redemption process in the note below.
- How do I enrol for the program?
The device must be purchased from an Apple authorized reseller store on consumer loan by HDFC Bank, Bajaj Finance Ltd. or IDFC FIRST Bank Ltd. for availing the benefits under this plan. Upon purchase of the iPhone under the financing scheme, please request the reseller to register the iPhone on Servify’s mServ App or Servify portal within 7 days of purchase. Upon successful registration, the buyback plan will be activated within 5 business days, subject to eligibility checks as deemed fit by Servify. You will subsequently receive the confirmation email or SMS from Servify.
The Assured Buyback value is available only within the specified Plan Term i.e. Plan Activation Date to Plan Expiry Date. The Plan Activation and Expiry Date will be communicated to you at the time of loan disbursal.
Please note that you will not be eligible for the assured buyback value in the event of you not registering as per the above process. Please reach out to the reseller store to ensure registration is successfully completed.
The loan process by the financing partner (HDFC Bank, Bajaj Finance Ltd. or IDFC FIRST Bank Ltd.) is independent of the registration for buyback on the Servify app / portal, and subject to terms and conditions of the financing partner.
- When can I exercise my Buyback option i.e. sell my original device for assured value?
- Within the plan term, if you wish to upgrade to a new iPhone by redeeming the buyback value as per the benefits offered by the plan, you must visit the nearest Apple authorized reseller store. Also, you can initiate redemption directly with Servify and a logistics agent will visit you to pick your registered device.
- The reseller shall initiate the buyback process by downloading the Servify App on the iPhone and follow the instructions provided in the Servify App to complete the quality check (“QC”) procedure and providing all the details asked in the process.
- Subject to you providing required details and subject to the iPhone passing the quality check (“QC”) specifications as listed below under “QC Specifications”, the buyback request shall be approved. Please note, an online quality/diagnostic check will be conducted while raising a buyback request. No test shall be skipped by you. If skipped, Servify may deny the benefits. If the iPhone does not pass the QC test, you shall not be eligible to avail the buyback plan.
- After the device diagnostics and QC is completed the final Buyback Value is shown. If the Buyback value is acceptable, you have to handover the iPhone and other accessories to the reseller, who will provide you the Buyback value benefit in your next iPhone purchase.
- You need to ensure that you close your loan with the financing partner before the iPhone is picked up for buyback execution. Servify assumes no responsibility towards the financing partner for the underlying loan taken by the borrower.
- You need to initiate the buyback execution before the end of 24 months, while the in-store buyback/doorstep pick up can be done up to 30 days from the end of 24 months. Once a pickup is scheduled, you need to ensure the device is handed over to the logistics partner. Any delay/cancellations of pick up can lead to rejection of the buyback plan redemption.