If you’re among those who wish to buy a brand new Apple iPhone X or Samsung Galaxy S9+ but are short on cash, you might be in luck. RentoMojo, a startup that leases furniture, appliances and bikes, announced on Tuesday that it will offer rental services for high-end mobile phones, thus making it the first company in India to offer such a service.

RentoMojo is currently offering only five smartphones—the Apple iPhone X, iPhone 8, Samsung Galaxy S9, Samsung Galaxy Note 8 and Google Pixel 2—under the rent-a-premium phone plan. The flagship devices are available on rent for half-yearly, yearly and two-yearly basis, starting at 2,099 per month to 9,299 per month. It also provides an option to own the device after two years of renting.

What are the charges?

RentoMojo provides more benefits to the consumers when they rent the phone for a longer period. For instance, the rent price of iPhone X is 4,299 per month for 24 months whereas on a half-yearly basis, it will set you back by 9,299 per month.

If you wish to own the device after two years of renting, you will need to pay an additional 15,556 in case of an iPhone X. It will also charge an initial refundable deposit of 9,998.

While the highest amount of rent is on the iPhone X, the Google Pixel 2 is the cheapest, at 2,099 per month for 24 months and 5,398 per month on a half-yearly basis. The initial refundable deposit will be 5,398. Other smartphones on rent, like the Samsung Galaxy S9 and Galaxy Note 8, also come with similar offers.

Why you should rent

Apart from the low per-month cost, renting a phone is beneficial for those people who don’t want full ownership of a smartphone. This is great for those who like to change their phones after a year for upgraded specifications or even OS.

Keeping in mind that the new Google Pixel will be released shortly and Android Pie will be available by next year on upcoming phones, buying a new phone right now also puts the customer at a disadvantage. A temporary fix until the new release is what will suit most tech-savvy people out there.

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