Servify Assured Buyback FAQs
- The Assured Buyback plan is provided by Servify on select iPhone models at their sole discretion, and redemption will be subject to fulfilment of program terms & conditions as communicated by Servify at the time of purchase and registration.
- The Assured Buyback Plan will be enabled by Apple Authorised Reseller stores at the time of purchase on Servify’s mServ mobile application provided to them.
- HSBC Bank has no role in Assured Buyback and thus will not handle any query and complaints with respect to same. For any questions on Assured Buyback, Cardholders will have to reach out to the reseller store, and for redemption to Servify.
- HSBC Bank does not hold any warranty or make any representation with respect to the availability, delivery, quality, merchantability, or suitability of the services to be rendered by merchants. HSBC Bank shall not be held liable for the same in any manner whatsoever. Any dispute or claim regarding the services or offers must be resolved by the Cardholder/s with the partner directly, without any reference to HSBC Bank.
- HSBC Bank and merchants reserve the right to add, alter, modify, change, or vary all or any of these terms and conditions or replace, wholly or in part.
- Customer needs to initiate the Assured Buyback execution before end of 24 months (not after 30 days from Facility closure).
- To avail Assured Buyback plan, the Cardholders needs to ensure registration of the newly purchased iPhone on Servify’s mServ mobile application or any other means as specified, within 7 days of purchase. Please refer to details mentioned in the FAQ below.
- What are the program details?
The program allows you to pay for the select iPhone models in 24-month interest free instalments and guarantees a fixed buyback price for your iPhone when you upgrade to your next iPhone or will provide you the Assured Buy Back amount into your bank account. The plan is available on iPhone 12 Pro Max, iPhone 12 Pro, iPhone 12, iPhone 12 mini at select Apple authorized reseller stores near you.
- Who will provide assured Buyback?
The Assured Buy Back plan is provided by Servify exclusively on select iPhone models. Apple Authorised Reseller stores will enable the assured buyback plan along with 24 months EMI schemes. Assured Buy Back redemptions will be subject to overall program terms & conditions defined by Servify.
- What are the key benefits?
- 24 months No Cost Credit card EMI plans for HSBC Credit Card holders (not applicable to HSBC Corporate Card holders)
- 75% of the transaction value will be converted into 24 EMIs @ interest rate 15% p.a. using the Instant EMI^ feature.
- The balance 25% payable over the term of the loan viz. 24 months – ie. Interest free period of 2 years
- Zero documentation, Zero processing fee,
- An Assured Buyback Plan that protects the value of your iPhone against market fluctuations and insures an assured buyback value of your iPhone. This guaranteed buyback value shall be paid by Servify to the Cardholder through bank transfer/NEFT as per the redemption process. The buyback value guaranteed for each duration is as per Table-3 below.
- How do I enroll for the program?
The device must be purchased from an Apple authorized reseller store on HSBC Credit card Instant EMI with Deferred payment facility of 24 months for availing the benefits under this plan. Upon purchase of the iPhone under the financing scheme, please request the reseller to register the iPhone on Servify’s mServ App or Servify portal within 7 days of purchase. Upon successful registration, the Assured buyback plan will be activated within 5 business days, subject to eligibility checks as deemed fit by Servify. You will subsequently receive the confirmation email and/or SMS from Servify.
The Assured Buyback value is available only within the specified Plan Term i.e., Plan Activation Date to Plan Expiry Date. The Plan Activation and Expiry Date will be communicated to you at the time of loan disbursal.
Please note that you will not be eligible for the Assured buyback value in the event of you not registering as per the above process. Please reach out to the reseller store to ensure registration is successfully completed.
The 24 Month EMI with Deferred Payment Facility on your HSBC Credit Card is independent of the registration for Assured buyback plan on the Servify app / portal, and subject to terms and conditions of HSBC Bank.
- When can I exercise my Buyback option i.e., sell my original device for assured value?
- Within the plan term, if you wish to upgrade to a new iPhone by redeeming the buyback value as per the benefits offered by the plan, you must visit the nearest Apple authorized reseller store. Also, you can initiate redemption directly with Servify and a logistics agent will visit you to pick your registered device.
- The reseller shall initiate the buyback process by downloading the Servify App on the iPhone and follow the instructions provided in the Servify App to complete the quality check (“QC”) procedure and providing all the details asked in the process.
- Subject to you providing required details and subject to the iPhone passing the quality check (“QC”) specifications as listed below under “QC Specifications”, the buyback request shall be approved. Please note, an online quality/diagnostic check will be conducted while raising a buyback request. No test shall be skipped by you. If skipped, Servify may deny the benefits. If the iPhone does not pass the QC test, you shall not be eligible to avail the buyback plan.
- After the device diagnostics and QC is completed the final Buyback Value is shown. If the Buyback value is acceptable, you have to handover the iPhone and other accessories to the reseller, who will provide you the Buyback value benefit in your next iPhone purchase.
- Servify assumes no responsibility towards HSBC for underlying device purchase finance Facility taken by the Cardholder. You need to initiate the buyback execution before the end of 24 months, while the in-store buyback/doorstep pick up can be done up to 30 days from the end of 24 months. Once a pickup is scheduled, you need to ensure the device is handed over to the logistics partner. Any delay/cancellations of pick up can lead to rejection of the buyback plan redemption.
Table -1: Financing plans details
|Financing plans#||HSBC Bank Credit Card Instant EMI with Deferred payment facility|
|Tenor||24 Months only|
|Interest cost||15% p.a|
|*No cost EMI on Loan amount||Loan on 75% of transaction value @15% p. a|
|^Deferred Payment amount||25% of transaction value @0% charges up till 24 months|
# The loan approval from HSBC is at its sole discretion.
A minimum 12 EMIs need to be paid before applying for foreclosure, 3% foreclosure charges subject to INR 250(whichever is higher) would apply on the outstand principle of the loan plan.
*Do note HSBC will continue to charge you interest as applicable monthly (EMI) till completion of the loan tenure, however, this interest charge will be provided to you as onetime cashback directly to your card account post 90 days from the end of the month of transaction, as communicated to you at the time of your purchase, effectively giving you the benefit of a no cost EMI. Appropriate GST will apply.
^While the “Deferred amount” is not due for payment before completion of Facility duration / tenure, and no charges will be applied on the same during Facility duration, you may choose to repay the same as an excess payment in the card account anytime between purchase date till 24 months. Please refer to the ‘Payment Hierarchy’ section in the Credit Card Guide to study how ‘excess payment’ is applied on the card account. After completion of the Facility duration of 24th month from the purchase transaction date, the outstanding amount of 25% (if not already paid) shall be due for payment immediately and shall accrue applicable charges, in case of failure of timely payment within the applicable billing cycle.
Table -2: Illustrative example
|Cost of |
|Tenor||ROI on loan |
|Loan amount |
|Deferred payment (25% of |
|Total Interest amount||Bank EMI amount||#With no-cost EMI offer, |
Net effective monthly cost
|100,000||24 months||15% p.a.||75,000||25000||12278||3637||3125|
*GST charges will apply.
#Effectively you pay a monthly cost of 3125×24 months at 0% interest
Table -3: Assured Buyback Plan values
The buyback value of your iPhone at any given point of time within the Plan term is determined by the age of the iPhone from the Invoice date of your iPhone. The eligible buyback value is a certain percentage of the Invoice value (ASP) of the iPhone as described in the table below.
iPhone 12 Pro Max, iPhone 12 Pro, iPhone 12, and iPhone 12 mini
|Redemption period (from date of purchase)||Percentage of the invoice value|
Please refer to the detailed Servify’s terms and conditions on the Assured Buy Back Plan
Please note: 25% Assured Buy back value is registration-based offer, the offer value is subject to the condition of the phone and non-availability of the original accessories of the iPhone. The device is subject to tests conducted by Servify. For more details on how the buyback value is calculated please contact Servify on 1800 123 333 888 or email to firstname.lastname@example.org, read the terms and conditions carefully.
Any dispute regarding these must be addressed in writing, by the customer, directly with Servify and will need to send an email to: email@example.com or call Servify Customer Care Number: 1800 123 333 888.