Xiaomi’s ‘Mi Credit service’ offers loans, that too up to 1 lakh. At the same time, it is provided to all MI users whose age is 18 or more. This personal loan platform was recently publicly launched in India.
A loan is needed by most of us. But because there isn’t a good platform, people don’t get loans at the correct moment, which puts them through a lot of suffering.
Do you know what is MI Credit? How can you easily take a loan from MI Credit? If you do not have information about this new service of MI, then today’s article is going to help you a lot.
Compared to other loan-providing companies or banks, Mi Credit is providing loans to people very easily. At the same time, due to very less information, people on the Internet, especially MIUI users, do not know about this excellent loan service.
That’s why I thought why not provide complete information about what is Mi Credit app and how to apply it, then without delay let’s start.
What is MI Credit
Mi Credit is a loan service that has been 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 an MIUI user or a customer of Xiaomi, then you also have an option using which you can avail loan using MI Credit, that too instant loan facility.
This is the second financial product that has been made available by Xiaomi in India before Mi Pay was launched by Xiaomi.
The Mi Credit platform was only being used as a trial project at the time. And last year, they announced that they will offer loans up to 1 lakh in partnership with KreditBee.
Currently, Aditya Birla Finance Ltd., Money View, EarlySalary, and ZestMoney after CreditVidya are the main NBFCs or fintech that Mi Credit’s current lending partners include.
What is Mi Pay?
Mi Pay is a UPI-based payment app that is available on MIUI (Xiaomi’s operating system) phones and can be easily downloaded from GetApps and Google Play Store.
Chinese major Xiaomi recently launched its new lending platform Mi Pay. Credit has been launched in India, from where users can easily take loans up to 1 lakh. At the same time, he has also thought of launching many other financial products.
Launch of Mi Credit
Xiaomi recently announced that they are going to launch ‘Mi Credit’ in India too. Mi Credit, as the name indicates, is essentially a personal financing facility offered by Xiaomi only to Mi customers.
Actually, Mi Credit had already started in India. Therefore, you can easily download the Mi Credit app from the Google Play Store for Android users.
The business teamed up with Bengaluru-based startup Krazy Bee and soft-launched Mi Credit in India last May. with
When Xiaomi announced Mi Credit. Since then Mi Credit is providing loan only to Xiaomi users. It is currently only available to MIUI users.
Minimum Loan amount
|Minimum Loan amount||Rs.1000|
|Maximum loan amount||Rs.100000|
|KYC Process||Yes, Verified|
How does Mi Credit App work?
Mi Credit offers personal loans up to 1 lakh to all its users whose age is more than 18 years. With a payback duration ranging from 91 days to 3 years, Xiaomi provides fixed interest rates that start at 1.35% per month.
For example, if your loan amount is Rs 20,000, then you will be charged an interest of 16.2% per annum and you will also have to repay or repay the loan through 6 EMIs, in this case, the overall interest payable will be around Rs 937.
And in this case, the EMI will be about Rs.3423, this is how Xiaomi has explained in its app description on Google Play
Users can easily register with their Mi account or phone number and also upload KYC documents such as ID and address proof. In this case, users will also have to add their bank details to transfer funds.
Xiaomi has also provided this facility in which users can easily check their credit report on their own Mi Credit app.
Xiaomi’s Mi Credit service is currently available only for Mi users in India. At the same time, there is no confirmation whether Xiaomi is going to make this loan service available to other users as well or not.
For their credit service in such a scenario, the organization has also cooperated with several financial lending suppliers.
What advantages come with borrowing money from Mi Credit?
Let us now know what are benefits a user is going to get on taking a loan from MI Credit.
- The whole process of applying for a loan in MI Credit is very easy and hassle-free as well.
- If you meet all of their eligibility standards in this instance, you will only get the Loan Amount in real-time on your bank account, which has been regarded as highly less as compared to others.
- You will get a very attractive rate of interest in this, which will be 1.8% per month from the initial period.
- MI Credit is very secure, and all the information provided by you in it is kept safe or secure.
How to Apply for Mi Credit Loan?
Let us now know how you can apply for a loan on MI Credit. Let us get complete information about applying for the loan.
- First, download the MI Credit app on your mobile phone through MI Apps, if you are a MI phone user, then this facility is not available for android users at present, but Xiaomi is going to launch it soon. on Playstore.
- After that, open the app and give it permission.
- Select “Get Now,” then enter your cellphone number. Now in this case you will get a ‘One-Time Password’ (OTP) on your registered mobile number. In this case, you will have to enter OTP and also proceed further.
- Now in the next step, you will have to upload all the necessary documents.
- Click “Continue” after uploading a photo of yourself. In such a situation, a loan profile will be created and you will also be checked whether you are eligible to take the 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 the loan amount (loan amount) in your bank account.
Current status of Mi Credit Services
At present, Mi Credit services are spread in more than 10 states, and around 1,500 pin codes, and it is also planning to expand its availability to 100 percent pin codes. in the time to come.
Now Mi Credit app is already pre-loaded on all MIUI Phones and if you do not have it then you can also download it from Google Play Store, GetApps, and Xiaomi’s app store.
A GST rate of around 18% will be applicable on banking services and products from July 01, 2017.
what did you learn today?
I hope you must have liked my article What is MI Credit (What is MI Credit in Hindi). It has always been my endeavor to provide complete information about MI credit loan apply to the readers so that they do not have to search in any other sites or the internet as used in that article.
Additionally, they will have access to all the data in one location and save time. Feel free to leave a critical comment if you have any queries about this topic or suggestions on how to make it better.
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