Xiaomi’s ‘Mi Credit Loan‘ service offers loans up to 1 lakh. It is provided to all MI users who are 18 years of age or older. This personal loan platform has recently been officially launched in India.
Loans are needed by most of us. But due to lack of the right platform, people do not get loans at the right time, which causes them a lot of losses. Do you know what MI credit Loan is? How can you easily get a loan from MI Credit? If you do not know about this new service of MI, then today’s article is going to provide you a lot of help.
Compared to other loan companies or banks, Mi Credit Loan is providing loans to people in a much more comfortable way. At the same time, due to very little information, people on the Internet, especially MIUI users, do not know about this great loan service.
So I thought why not provide you with complete information about what the Mi Credit Loan App is and how to apply it. So let’s start without delay.
Table of Contents
What is Mi Credit
Mi Credit is a loan service launched by Xiaomi – which is also India’s largest phone brand, which is currently offering loan services to its customers due to Mi Credit.
If you are a MIUI user or a customer of Xiaomi, then you also have an option mehjud using which you can avail a loan using MI Credit. This is the second financial product that has been made available by Xiaomi in India, earlier Mi Pay was launched by Xiaomi.
So far, the company has run the Mi Credit platform only on a pilot basis. Last year, he announced that he would offer loans up to $1 lakh by partnering with KreditBee.
Current lending partners of Mi Credit include primarily NBFCs or fintechs such as Aditya Birla Finance Ltd, Money View, EarlySalary, Zestmoney and CreditVidya.
What is Mi Pay?
Mi Pay is an UPI-based payment app that is available on MIUI (Xiaomi’s operating system) phones. And it can also be easily downloaded from GetApps and Google Play Store. Chinese major Xiaomi has recently launched its new lending platform Mi Credit Loan in India, from where users can easily take loans up to 1 lakh. At the same time, he has also thought of launching many more financial products.
Launch of Mi Credit
Xiaomi recently announced that they are going to launch ‘Mi Credit Loan‘ in India. As the name suggests, Mi Credit is actually Xiaomi’s personal loan platform only for Mi users.
In fact, Mi Credit was already introduced in India. So you can also easily download the Mi Credit app from Google Play Store for Android users. The company launched soft Mi Credit on the last May in India. At the same time, he has also partnered with Bengaluru-based startup KrazyBee.
When Xiaomi announced Mi Credit. Since then, Mi Credit loan has been providing loans only to Xiaomi users. At present, it is limited only to MIUI users.
|Minimum Loan amount||Rs.1000|
|Maximum loan amount||Rs.100000|
|KYC Process||Yes, Verified|
How does the Mi Credit App work?
Mi Credit Loan offers personal up to 1 lakh to all its users who are over 18 years of age. Xiaomi has offered a repayment period of about 91 days to 3 years in which they have fixed interest rates starting at 1.35% per month.
For example, if your loan amount is Rs 20,000, then you will be charged interest of 16.2% per annum and at the same time you will have to repay or repay the loan through about 6 EMIs, so the overall interest will be payable around Rs 937 and the EMI per month will be around Rs 3423. Such Xiaomi has explained in its app description on Google Play.
Users can easily register with their Mi account or phone number and upload KYC documents such as ID and address proof. Users will also have to add their bank details to transfer funds.
Xiaomi has also provided this feature in which users can easily check their credit report on their own Mi Credit app.
Xiaomi’s Mi Credit Loan service is currently available only for Mi users in India. At the same time, there is no confirmation on whether Xiaomi is going to make this loans service available to other users as well. In such a situation, the company has also partnered with many financial loan providers for their credit service.
What are the benefits of taking a loan from Mi Credit?
Let’s now know what benefits a user is going to get when he takes a loan from MI Credit.
- The entire process of applying for a loan in MI Credit is quite easy and also hassle-free.
- If you meet all their eligibility criteria, then you will receive the loan amount on your bank account in real-time, which is much less than others.
- You will get a very attractive rate of interest in this, which will be 1.8% per month from the beginning.
- MI Credit is very secure, and all the information you provide is kept safe or secure.
How to apply for Mi Credit Loan?
Let’s now know how you can apply for a loan on MI Credit Loan. Let’s get complete information about applying for a loan.
- First of all, download the MI Credit Loan App through MI Apps in your mobile phone if you are a MI phone user. This facility is not available for Android users at the moment, but Xiaomi is going to launch it soon on Google Playstore.
- Then launch the app and grant it all permissions.
- Click on ‘Get Now’ and provide your mobile number. Now you will get a ‘One-Time Password’ (OTP) on your registered mobile number. In such a situation, you have to enter the OTP and proceed further.
- Now in the next step you have to upload all the necessary documents.
- Upload a picture of yourself and click on ‘Proceed‘. In such a situation, a loan profile will be created and you will also be checked whether you are eligible to take a loan or not.
- If you meet all the eligibility criteria, then you will be allowed to upload all your bank account details and salary details. In such a situation, the lender will provide you with a loan amount on your bank account.
Current Status of Mi Credit Services
At present, Mi Credit Loan Services is spread over more than 10 states, about 1,500 pin codes, and its plan is to expand it and increase their availability to 100 per cent pin codes in the coming time.
Now the Mi Credit app is already pre-loaded in all MIUI phones and if you do not have it, then you can also download it from Google Play Store, GetApps, Xiaomi’s own app store.
Mi Credit FAQs
In this, you can get a loan amount of up to a maximum of Rs.1 lakh from Mi credit loan.
In such a situation, the rate of interest that will apply to your loan amount will be between about 1.3% to 2.5% per month. The rate of interest depends on how much loan amount you have taken and how much is its repayment tenure.