Similar to Home Credit, AEON Credit service is also a financing program available to look at if you plan to purchase gadgets and even appliances at installment basis without the need to present a credit card. Here are some top tips you should consider when availing from the institution.
Unlike Home Credit though, AEON is not that visible since it majorly caters to appliance retail chains in the country but they also offer installment plans for gadgets such as smartphones and laptops. These are compiled tips from inquiries we made from several stores, materials we have been given when we drop by malls, and the company’s website.
Before everything else, remember that you do not have any records of payment delinquency in other companies as they also use the same credit mapping system with other financial institutions.
Present compete and proper requirements
Their website states that you only need to present two valid IDs, but the application process also requires a lot more as seen in their print materials.
| Valid ID | Primary:
UMID |
Secondary:
Company ID |
| Proof of Income | For employed: last 1 month Payslip For self-employed / beneficiaries: Proof of income for the last 3 months (Bank Statements, Remittance, Passbook) |
|
| Proof of Billing | Electricty, water, or telephone bill | |
Much like any other financial institution, these requirements must also be met with full compliance for your application to be processed as your capacity to pay back will be assessed through different credit mapping portals.
It’s still better to pay for a cashout
AEON’s unique charm is you can actually take home an appliance by just applying and getting approved in a matter of hours or up to 3 days, depending on your presented requirements. Based on present information obtained, these are the cashout schemes:
| Appliances | Smartphones | Laptops / other Gadgets | |
|---|---|---|---|
| Required Cashout | No Cashout | 20% | 10% |
While these are relatively smaller compared to Home Credit, we still recommend to pay for a higher cashout since AEON does not offer 0% installment plans as of the moment, and lesser remaining balance would equate to lesser amounts of interest obtained for the whole payment duration.
Maximize your application by bundling them all
If your application allows it, AEON also gives an option to bundle three items in a single application, which could be beneficial for those applying for smaller-priced items such as domestic appliances or mid-range gadgets. This way, you can get three items for one payment transaction.
Installment at 12 months term is the best plan you can get
AEON allows for appliances to be paid for up to 24 months or gadgets up to 18 months, but we think that a 12-month scheme is the best way to go. As explained earlier, the company puts in a fixed monthly interest rate for your appliance or gadget plan — that’s at 2.95% and 3.3% per month, respectively. We recommend to settle for a 12-month installment term for the best benefits and a faster possible re-application with the company, should you wish to avail again.
These are some of the tips we can provide when applying for a plan from AEON Credit Service. Keep in mind that applying for services like these need a lot of discipline and responsibility as you are committed to pay on time or face penalty money and time. We’d love to hear your AEON tips as well by commenting down below.
Pano po malalaman kung approve or disapprove ang application? I applied for a loan ng isang smart tv it was las December 29. Sabi after one day tatawagan. I dont know po oung approve po b o hindi . O dahil holiday po kaya walang tawag. Sana kahit text manlang meron po. Para malaman kung approved po ba. Salamat