Apple Forward Trade-Up Program Details & FAQs

Synopsis

The Forward Trade-up program is for the eligible Apple devices wherein the guaranteed buyback value is set aside as a moratorium loan by ZestMoney. Customer pays EMI on the balance amount for 24 months and the moratorium loan is repaid on the 24th month as a bullet payment. The customer can submit the device to the Trade-In partner (Servify) and on meeting all T&C’s, the buyback amount will be credited  to the customer.

Program Details

The scheme will be a 24 Month No-Cost EMI with 0 Down Payment for this program. The Asset cost (Invoice amount) will be the Total loan provided to the customer. Of this, the buyback value will be set aside as moratorium for the period of the loan and the customer will pay EMI only on the balance amount.

Please find illustration below:

*Above illustration is with 0 interest on moratorium/Trade-up value

On the 24th Month, Customers will be required to pay the moratorium amount as Bullet Payment. The 24th Month EMI will therefore be EMI + Bullet Payment.

For the applicability of the Buyback/Trade-up by the Partner, the device needs to be registered/enrolled with the partner (Servify). Customer and device details sourced under the scheme will need to be shared on a regular basis with the Partner.

On completion of 24 months from the invoice date, customer has the below options:

1. Trade-in the Device: Customers can submit the device with the trade-in partner and basis the device meeting their quality checks and T&C’s, the trade-in value will be transferred to the customer.
2. Retain the device: Customers can choose to retain the device and pay the balance moratorium and EMI in the Last EMI.

FAQs

1. Apart from availing the loan under the Buyback program, is any other activity required to be done by the merchant or Customer for enabling buyback?
   Zest will communicate with Servify the loan, device and customer details to enroll the device for this program. No other activities apart from the loan creation with buyback scheme and device verification is required for this plan from the merchant side.
2. Once the device is submitted to Servify, will the loan be auto-closed?
   Once a customer has completed the submission with Servify, the partner will transfer the amount to the customer’s account. Zest will be debiting the due amount  on the 24th month along with the EMI from the customer.
3. What happens if the Price of the device changes?
   The buyback value will be determined based on the Invoice value of the device at the time of purchase.
4. If the phone is damaged, will it still be eligible for the Guaranteed Buyback?
   Please refer to the T&C of Servify shared alongside this document. Device eligibility will be determined based on qualification of the device as per the below T&C.
5. What happens if the customer chooses to return the device earlier than the end tenure?
   The buyback amount would be then at the discretion of the partner (Servify). Customer is required to foreclose the loan by paying the balance pending amount to Zest.
6. What happens if the Customer Loses their device?
   Customers will still be liable for the Balance Pending amount in Moratorium post 24 months or will need to make the bullet payment and foreclose the loan.
7. Can the plan be transferred to another device?
   The plan will be non-transferrable. The plan will be  activated only on the device details communicated with Zest against which the Loan has been availed under the program.
8. Who can I reach out to to incase of any support queries?
   Merchants can reach out to ZestMoney at partner-assistance@zestmoney.in.

Terms & Conditions

1. The Product shall be used by the Consumer on an ‘as is’ basis and shall not be tampered with, including but not limited to, by way of rooting attempts, reverse engineering, unlocking, or jailbreaking of the Product or original firmware(s) or software(s) of the Product.
2. Any warranty on the Product is offered by Apple and any claims, issues, damages, or losses with respect to the Product shall be the sole responsibility and liability of Apple.
3. Servify shall not be responsible for any loss, injury, or any other liability of the Products.
4. The Product must be switching ON and remains in the ON-condition for a minimum of 10 minutes without being connected to a charger.
5. The Product must be in working condition, passing all functional tests and in near Flawless condition.
6. The Product screen and the body of the Product must not be damaged or in broken condition.
7. The Product must not have any un-authorised modifications as per AppleCare norms.
8. Screen lock must not be active (all forms of screen locks like pattern, pin, password, fingerprint, face recognition, smart lock, etc. need to be deactivated)
9. Find My iPhone must be deactivated before handover.
10. The original charger and charging cable of the Product need to be returned in working condition along with the original Product while availing the Assured Buyback Plan (if sold along with the box).
11. If the Consumer fails to provide the Product original box, charger and other accessories under the conditions specified above, Assured Buyback Value shall be reduced by 5% of the original Invoice Value.
12. In case the above conditions are not met, Servify or its affiliates reserve the right to reject the Buyback Plan redemption.
13. Consumer needs to ensure that they close their loan with bank before the device is picked up for buyback redemption. Servify assumes no responsibility towards the bank for underlying loan taken by the consumer.
14. Consumer needs to initiate the buyback execution before end of 24 months while the doorstep pick can be done up to 30 days from end of 24 months. Once a pickup is scheduled, consumer needs to ensure device is handed over to logistics partner. Any delay/cancellations of pick-up can lead to rejection of buyback plan redemption.