What is a MI Credit Loan and how to apply for it?


What is a MI Credit Loan and how to apply for it?

Xiaomi ‘Mi Credit’ service offers loans up to 1 lakh. At the same time, it is provided to all MI users whose age is 18 or older. This personal loan platform has recently been officially launched in India.

Mi Credit Loan and How to Apply?

Loans are needed by most of us. But due to the lack of the right platform, people do not know to get a loan at the right time, which causes a lot of harm to them. Do you know what MI credit loan is? How can you easily get a loan from MI Credit? If you are not aware of this new service of MI, then today’s article is going to help you a lot.

Compared to the other loan-providing companies or banks, Mi Credit is providing loans to people in a much easier way. At the same time, due to very little information, people on the internet, especially MIUI users, do not know about this excellent loan service.

So I thought why not give you all the information about what the Mi Credit App is and how to apply it. Then let’s start without delay.

Mi Credit Loan – What is MI Credit?

Mi Credit Loan 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 available to using MI Credit Loan, that too instant loan facility. This is the second financial product that has been made available by Xiaomi in India, before which Mi Pay was launched by Xiaomi.

So far, the company has run the Mi Credit platform on only one pilot basis. At the same time, last year he announced that he will offer loans up to 1 lakh, he will also partner with KreditBee.

In the recent past, Mi Credit’s current lending partners include mainly NBFCs or fintech such as Aditya Birla Finance Ltd, Money View, EarlySalary, Zestmoney and CreditVidya.

What is Mi Pay?

Mi Pay is a UPI-based payment app available for MIUI phones (Xiaomi's operating system). You can also easily download it from GetApps or Google Play Store. Chinese giant Xiaomi recently launched a new lending platform Mi Credit in India. Users can easily borrow up to 1 lakh from it. At the same time, he also considered launching many other financial products.

Launch of Mi Credit Loan

Xiaomi recently announced the launch of 'Mi Credit' in India. As the name suggests, Mi Credit is actually Xiaomi's personal credit platform exclusively for his Mi users.

In fact, Mi Credit had already started in India. So you can also easily download the Mi Credit Loan app from the Google Play Store for Android users. The company launched the soft mi credit in India on May last. He has also partnered with Bengaluru-based startup KrazyBee.

When Xiaomi announced Mi Credit Loan. Since then, Mi Credit has been providing loans only to Xiaomi users. At the moment, it is only limited to MIUI users.

How does the Mi Credit app work?

Mi Credit Loan offers personal loans up to 1 lakh for all users over the age of 18

Xiaomi offers a repayment period of around 91 days to 3 years with interest rates starting at 1.35% per month.

For example, if the loan amount is Rs 20,000, interest will be charged at an annual rate of 16.2% and at the same time the loan must be repaid or repaid at approximately 6 EMI. It will be around Rs 937 and the EMI per month will be around Rs 3423. Xiaomi explains this in the app description on Google Play.

users can easily register from Mi account or phone number and upload her KYC documents such as ID and proof of address. Users will also need to add their bank details to be able to transfer funds.

Xiaomi also offers this feature, users can easily check their credit information in their Mi Credit app as well.

Xiaomi's Mi Credit service is currently only available to Mi users in India. At the same time, there is no confirmation on whether Xiaomi will offer loan services to other users.In this context, the company has also partnered with many financial loan providers for loan services.

How to apply for a Mi Credit Loan?

Tells you how to apply for an MI Credit Loan. Get complete information to apply for a loan.

  • First, if you are a MI Phone user, download the MI Credit app to your mobile phone via MI Apps. This feature is currently not available for Android users, but Xiaomi will soon release it on Google Playstore
  • Then start the app and grant all permissions.
  • Click Get it now and enter your mobile phone number. A one-time password (OTP) will be sent to your registered mobile phone number. In this situation, you will have to enter the OTP to continue.
  • In the next step you have to upload all the required documents.
  • Upload a photo of yourself and click Next. In such situations, a credit profile is created and also checked if you are eligible for a loan.
  • You can upload all bank account and salary information provided you meet all eligibility criteria. In these situations, the lender will transfer the loan amount to your bank account.

The Current Status of Mi Credit Services

Currently, Mi Credit Service is spread over more than 10 states, with about 1,500 PIN codes, and will be available for 100% PIN codes in the future, We have plans to extend our hours. .

Mi Credit app is now pre-installed on all Miui smartphones. If you don't have it, you can also download it from Google Play Store, GetApps or Xiaomi's own app store.

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