Xiaomi launches in Mi Credit app for personal loans in India for all the Mi users.
On Thursday, Xiaomi has announced the re-launch of 'Mi Credit' in India. Mi Credit is the Xiaomi's loan platform for all the Mi users. The Mi Credit will soon become available with enhanced features for all the Indian users.
Xiaomi has sent out media invites for the Mi Credit launch in India, which will take place on 3rd December 2019. This is, however, not the introduction of Mi Credit in India. Mi Credit app is already available in India. The Mi credit app can be downloaded from the Google Play Store for Android users.
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Mi credit service offers a personal loan up to Rs. 1 Lakh for the users above 18 years of age. The Mi credit also offers a repayment period of 90 days to 3 years, with the interest rate at 1.35% per month.
If you are a Mi user, then you can register your Mi account or mobile number and upload KYC Documents. You will also be required to add their bank details for the fund's transfer. Xiaomi also lets you check your credit report on the Mi Credit app itself. Mi Credit service is available only to the Indian Mi users.
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Mi Credit is the instant loan service where the users can take the loan from their Mobile Phones and pay the money back in monthly installments. It's the same process as all the Banks have, but Mi Credit is all digital, and the loan payment is instant.
Here are a few things which you should know before using it:
It is a service by Xiaomi for Instant Loan, and the Mi Credit is a totally secure one.
The Mi Credit is available for all the Xiaomi users who are running MIUI.
Through Mi Credit, you can take a loan of up to Rs. 1 Lakh with real-time disbursement.
For the Mi Credit, the interest rate varies for 1.3% to 2.5% per month.
The maximum loan tenure is for 36 months.
For the Mi Credit instant loan, you will need your Address Proof, PAN, Income Sources, and Bank Details.
If you have taken the Mi Credit Loan, then you have to pay the EMI by the 5th of every month.
Mi Credit Loan is collateral-free; you do not have to give security in terms of property or anything. You just need to pay a processing fee to get the loan.
Go to the Mi Credit app or download the app for here.
Login to your ID or create on if you have not
Create your Mi Profile. Please take a picture of your PAN card, enter your full name, gender, and other details to proceed.
Verify your bank account, for the loan disbursement and repayment, please add your bank account details.
In the next step, kindle agrees with all the loan agreements.
If you agree to all the terms & conditions, then accept and proceed to get the money paid in the bank account given by you in previous steps.
Mi Credit Repayment Option: The 'Repay' tab in the bottom will have all the information, including the repayment schedule, amount, next EMI due date, overdue (if any). You can repay the amount from there.
Here is everything about the Mi Credit for your personal loan. The loan you can take up digitally with up to Rs. 1 lakh. The Mi Credit is valid for the people who are above 18 years of age.
Q1. What is Mi credit?
A1. Mi Credit helps the users get access to the quick cash loans in India, currently exclusively available to only MIUI users.
Q2. What is Mi credit app?
A2. Xiaomi has recently launched the Mi Credit app to all Mi users running MIUI. Mi Credit will allow all the Indian users to get the personal loan up to Rs. 1 Lakh instantly into their bank account, and the process of Mi Credit is entirely digital.