What is an MI Credit loan and How to Apply?

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

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 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 in India, from where users can easily take loans of up to 1 lakh. At the same time, he has also thought of launching many more financial products.

Launch of Mi Credit Loan

Xiaomi recently announced that they are going to launch ‘Mi Credit’ in India. As the name suggests, Mi Credit is actually Xiaomi’s personal loan platform only for 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.

Minimum amountRs.1000
Maximum amountRs.100000
KYC ProcessYes, Verified

How does the Mi Credit app work?

Mi Credit Loan offers up to 1 lakh personal loans to all its users who are over the age of 18. Xiaomi has offered a repayment period of about 91 days to 3 years in which they have fixed the interest rates starting from 1.35% per month.

For example, if your loan amount is Rs 20,000, then you will be charged interest at 16.2% per annum and at the same time you will have to repay or repay the loan through about 6 EMIs, in such a case, the overall interest will be payable to about Rs 937 and the EMI per month will be about Rs 3423. Xiaomi has explained this in its app description on Google Play.

Users can easily register from their Mi account or phone number and upload it with KYC documents such as ID and address proof. Users will also have to add their bank details in such a way to transfer funds.

Xiaomi has also provided this feature in which users can easily check their credit reports that too on their own Mi Credit app.

Xiaomi’s Mi Credit service is available only for Mi users in India at the moment. At the same time, there is no confirmation of whether Xiaomi is going to make its loan service available to other users or not. In such a situation, the company has also partnered with many financial loan providers for their credit services.

How to apply for a Mi Credit Loan?

Let’s now know how you can apply for a MI Credit Loan. Let’s get the complete information about Applying for the Loan.

  1. First of all, download the MI Credit 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 the Google Playstore.
  2. Then launch the app and grant it all permissions.
  3. 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 will have to enter the OTP and proceed further.
  4. Now in the next step, you have to upload all the necessary documents.
  5. 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.
  6. 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 the loan amount on your bank account.

The Current Status of Mi Credit Services

At the moment, Mi Credit services are spread over more than 10 states, around 1,500 pin codes, and its planning is to expand and expand their availability to 100 percent pin codes in the coming time.

Now, the Mi Credit app has already started coming pre-loaded in all miui phones and if you don’t have it then you can also download it from Google Play Store, GetApps, Xiaomi’s own app store.

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