Apple has launched a "Trade Up With Installments" program that is aimed at users who still own an older iPhone. The trade-in program with easy installments encourages users to switch to newer iPhone models.

According to CNET, the California company's program not only allows users who own an older iPhone, but also those who have an Android or Windows phone to purchase a new iPhone with easy installments.

In order to take advantage of the offer, users are required to trade-in their old smartphones to Apple and deduct its value from the price of a new iPhone. The remainder can be paid through monthly installments over 24 months.

Hence, the amount of the monthly installment depends on the old smartphone that will be traded by the user as well as the cost of the new iPhone model. Currently, the offer is only available in the U.S. Also, the deal is available only at an Apple Store.

Users who trade their older iPhone in good working condition will be able to take a new iPhone with a monthly payment of $15 to $35. Trading an iPhone 4 to purchase the 128GB iPhone 6S Plus will require buyers to make a monthly payment of $35.37. Trading an iPhone 5 to avail the iPhone 6 will result in monthly payments of $14.54.

One should be aware of the fact that the plan allows users to purchase a new iPhone in unlocked condition. It means that buyers will not be bound to a specific carrier.  

There is no hidden cost involved in the offer. To avail AppleCare+, users will have to shell out extra money. Apple will be offering up to $350 for an older iPhone. For an Android or Windows Phone, the company will be offering a trade-in value of $100 to $300.