The model of subsidizing smartphones through carrier contracts doesn’t exist or work in many markets around the world, and that includes India as well. This makes it difficult for most customers in the subcontinent to buy flagship smartphones, resulting in lower sales for established brands like Samsung, Apple, and others.To overcome this challenge, Samsung already offers its products on easy monthly installments. It appears the company is now experimenting with a rental option as well with select devices on its Indian website displaying a ‘Rent now” option. The Korean tech giant seems to have added this option towards the end of September this year in partnership with Rentmojo, an online rental start-up in which Samsung Ventures invested recently.
The entire smartphone rental process is handled by Rentmojo and is currently available only Bangalore, Delhi, Gurgaon, Mumbai, Noida, Chennai, Hyderabad, and Pune cities. Even in these cities, Galaxy S10/S10+, Note 10/10+, Note 9, and Galaxy A70 are the only Galaxy smartphones available on rent currently.Obviously, RMI (Rental Monthly Instalment) varies by models and the length of the subscription. For example, you can rent a Galaxy Note 10 in Bangalore at Rs. 5549/month for a minimum commitment of six months. The per month rental payment drops to Rs. 4249 and Rs. 3949 if you opt for 12 and 18-month subscriptions, respectively. In each of these cases, customers have to pay a refundable deposit of Rs. 8498. If you rent a Note 10 for 18 months, the total rental payment comes to Rs. 71,082, which is more than the retail price (Rs. 69,999) of the device. If you cancel your subscription before the chosen period, there is a cancellation fee as well.Clearly, renting a smartphone is not a good financial decision for most users. But for those who are interested, the process is relatively simple: select the product and the duration, pay the refundable deposit, and receive the product once your profile is verified. The rental service also comes with a 7-day free trial and a free upgrade after 12 months. If any of this impressive, you can find more details here.