Most of us need a loan. But due to lack of proper platform, people don’t know to get loan at right time, so they have to suffer a lot. do you know What is MI Credit?, How can you easily borrow from MI Credit? If you are not aware about this new service of MI, then today’s article will be very useful for you.
Compared to other lending companies or banks, Mi Credit is giving loans to people very easily. At the same time, due to very little information, it has been excellently given to people on the internet, especially MIUI users Loan servicing There is no information on this topic.
So I thought why not you What is mi credit app? And How to apply it Let’s get started without any delay.
What is MI Credit – What is MI Credit
Mi Credit There is a loan service that has been launched by Xiaomi – which is also the largest phone brand in India, which is currently offering loan services to its customers thanks to Mi Credit.
If you are a MIUI user or a customer of Xiaomi, you also have an option by which you can avail a loan using the MI Credit instant loan facility. This is the second financial product that Xiaomi has made available in India before Xiaomi launched Mi Pay.
So far the company was only running the Mi Credit platform on an experimental basis. Last year, they announced the loan up to 1 lakh Even by partnering with KreditBee.
Currently, Mi Credit’s existing lending partners mainly include NBFCs or fintechs such as Aditya Birla Finance Limited, Money View, Early Salary, Zestmoney and Kreditvidya.
What is Mi Pay?
Mi Pay One A UPI-based payment app which 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 recently launched its new lending platform Mi Credit has been launched in India, from where users can easily avail loans up to 1 lakh. At the same time, they have also thought of bringing many more financial products to the market.
mi credit launch
Xiaomi recently announced that they will be launching ‘Mi Credit‘ That too in India. As the name suggests, Mi Credit is actually Xiaomi’s personal loan platform for Mi users only.
In fact, Mi Credit was already launched in India. That’s why you can also easily download Mi Credit app for Android users from Google Play Store. The company launched Mi Credit in India last May itself. At the same time, they have partnered with Bengaluru-based startup KrazyBee for this.
When Xiaomi announced Mi Credit. Since then Mi Credit has only been lending to Xiaomi users. Currently it is limited to MIUI users only.
| Minimum loan amount | Rs.1000 |
| Maximum loan amount | Rs.100000 |
| Loan Financier | CreditB |
| KYC process | Yes, verified |
How does the Mi Credit app work?
Mi Credit offers personal loans up to 1 lakh to all users above 18 years of age. Xiaomi has offered to close the refund period 91 days to 3 years In which they have initially fixed the interest rates 1.35% per month from.
For example, if your loan amount is Rs 20,000, you will be charged an interest of 16.2% per annum and you will also have to repay or repay the loan through around 6 EMIs, so the total interest payable will be around Rs 937. And this EMI will be around Rs 3423 per month, Xiaomi explained in its app description on Google Play.
Users can easily register from their Mi account or phone number and simultaneously upload KYC documents such as ID and address proof. Users also need to add their bank details to transfer funds.
Xiaomi has also provided this facility where users can easily check their credit report on their own Mi Credit app.
Xiaomi’s Mi Credit service is currently only available to Mi users in India. At the same time, it is not confirmed whether Xiaomi will make this loan service available to other users. In such cases, the company has partnered with several financial loan providers for their credit services.
What are the benefits of borrowing from Mi Credit?
Now let’s know what benefits a user will get after taking a loan from MI Credit.
1. The entire loan application process at MI Credit is very easy and hassle free.
2. If you fulfill all their eligibility criteria, then in that case you will get the loan amount in your bank account in real-time, which is much less seen than others.
3. That is enough Attractive interest rates You will earn which is 1.8% per month from the initial round.
4. MI Credit is very secure, and all the information you provide in it is safe or secure.
How to Apply Mi Credit Loan?
Let us know now how you can apply for a loan at MI Credit. Get complete information about applying for a loan.
1. If you are MI phone user then firstly download MI Credit app in your mobile phone through MI Apps. This feature is currently not available for Android users, but Xiaomi will soon launch it on Google Playstore.
2. Then launch the app and grant it all permissions.
3. Click on ‘Get Now’ and provide your mobile number. Now in this case you will get ‘One Time Password’ (OTP) on your registered mobile number. In such case, you have to enter the OTP and proceed together.
4. Now in the next step you have to upload all the required documents.
5. Upload your own picture and click ‘Proceed’. In such a case, a loan profile will be created and your loan eligibility will also be checked.
6. If you all Eligibility Criteria In such case, you will be allowed to upload all your bank account details and salary details. In such cases, the lender will disburse the loan amount to your bank account.
Current status of Mi Credit Services
Currently, Mi Credit services are spread across more than 10 states, around 1,500 pin codes and plans to expand their availability to reach 100 percent pin codes in the future.
Now Mi Credit app is already pre-loaded in all MIUI phones and if you don’t have it then you can also download it. Google Play Store, GetApps, Xiaomi Even from its own app store.
Maximum loan amount a user can take using MI Credit Ioan,
In this, you can get a maximum of Rs. You can take loan amount up to 1 lakh.
How much interest we have to pay if a user borrows from MI Credit,
In such a case, the interest rate applicable on your loan amount will be 1.3% to 2.5% per month. The interest rate depends on how much you borrow and the repayment period.
What is the maximum repayment period of MI Credit?
The maximum repayment period of MI credit is around 3 years.
What documents do you need to provide to get a loan from MI Credit?
Here is the list of documents you need to submit to get a loan from MI Credit:
PAN card, address proof, source of icom information, your bank account details
By what date do you want to deposit your EMI every month?
You should pay your EMI by 5th day of every month.
Do I need to deposit any security or collateral for taking any type of loan from MI Credit?
No, you don’t need to deposit any kind of security or collateral from MI Credit to get any kind of loan. You just need to pay a small processing fee.
GST rate of around 18% will be applicable on banking services and products from 01 July 2017.
what did you learn today
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