Have you been eyeing the Apple iPhone X for almost a year now but just don’t have the dough for the splurge or the heart to spend nearly Rs 1 lakh on a phone? We feel ya. So does the consumer lending platform RentoMojo. The Bangalore-based startup that facilitates leasing of furniture, bikes and appliances has recently announced extension its services to high-end smartphones on monthly rentals.
The smartphone rental service offers premium smartphones such as Samsung Galaxy S9+ and S9, Note 8, Google Pixel 2, and iPhone X and iPhone 8 for a monthly payment in the range of Rs 2,099 to 9,299, for a period of six, 12, 18 or 24 months. The startup maintains the service would make these high-end smartphones more affordable for a wider spectrum of users, as the rental charges are lower than standard EMIs available on these products.
In addition to the monthly rental plan, users will have to make an initial deposit of one or two months of rental amount, which is refundable, at the time of booking. At the end of lease period, users have the option of returning the product or buying it by paying a certain amount to RentoMojo. While the service is limited to high-end smartphones for now, the company is already in discussions with other market players to bring a wider range of devices, including budget handsets, to its platform.
The startup, which already has a subscriber base of 50,000, is hopeful that the new service will draw more customers to the platform and increase its transaction volume. Announcing the new service, RentoMojo founder and CEO Geetansh Bamania, said, “This arrangement offers the perfect opportunity to users to upgrade and keep up with the latest device innovation, frequently and at a significantly lower cost. In addition, a subscriber also has the option of owning the product by paying a certain sum, post the lease period.”
The service is available in Delhi, Gurgaon, Noida, Bengaluru and Mumbai and will be launched in Pune, Hyderabad and Chennai in the next quarter. In a bid to expand its smart devices portfolio, the company is also offering devices like Google Home on monthly rental basis, in addition to smartphones.