In hopes of garnering more interest in their products, Apple Inc. (NASDAQ:AAPL) has introduced installment payment plans in China. They recently announced the service on their Chinese website. Consumers who want to purchase a product for 300 yuan or more  (estimated at $48.00) can now pay in installments.

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Up until January 23rd, customers get interest-free installment payment plans for up to a full year. Customers who sign up for a longer term will pay 6.5 percent for 18-months and 8.5 percent for 24 months.

Customers can choose to pay in full or with installment plans on the website. Installment plans are paid through Merchants Band credit card. Apple Inc. (NASDAQ:AAPL) is trying hard to increase their appeal in China, a market that can’t afford its products, but is necessary for them to tap into.  China isn’t the only country that has installment plan payments, Apple offers a similar plan in the United States, which offers customers the chance to finance products that cost $1,999 plus for up to eighteen months without interest. They also offer interest-free plans for small purchases.

There are also rumors that Apple Inc. (NASDAQ:AAPL) may have a budget-friendly iPhone in the works. The report says Apple could introduce the iPhone Mini later on this year as part of a new line of iPhones for all.

It’s been speculated by many that a cheaper iPhone would be a boon for the market in China. Expanding their market to China would improve the company’s image, while increasing the bottom line and wouldn’t affect their profit margin. Expanding their company would only prove beneficial for China’s consumers and Apple’s profits.

Fortunately for Apple Inc. (NASDAQ:AAPL), there is a demand for their lower priced products in China and this was proven by the increased interest in the iPad Mini last month. Apple stores in China and Hong Kong sold out the popular gadget as soon as it arrived in stores.

China is clearly ready for more Apple.