A loan is required by most of us. But due to the lack of the right platform, people do not get the loan at the right time, due to which they suffer a lot. Do you know what MI Credit is? How can you quickly get a loan from MI Credit? If you do not know about this new service of MI, then, in this case, this article will be of great help to you. And also, Know MI Credit Loan is Safe or Not.
Compared to the rest of the loan companies or banks, Mi Credit provides loans to people quite easily. At the same time, people on the Internet, especially MIUI users, are not aware of this excellent loan service due to very little information. That’s why I thought you should all be provided complete information about the MI Credit App and how to apply it. Then let’s start without delay.
What is MI Credit
Mi Credit is a loan service launched by Xiaomi, 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, you also have an option Mehsud using which you can avail of a loan using the instant credit facility. This is the second financial product that has been made available by Xiaomi in India before Xiaomi launched Mi Pay.
At the same time, the company had run the MI credit platform only on a pilot basis. At the same time last year, he announced that he would offer loans of up to 1 lakh by partnering with KreditBee. Currently, Mi Credit’s current lending partners include 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 a loan of up to 1 lakh. At the same time, he has also thought of launching many more financial products.
MI Credit Launched
Xiaomi recently announced that they are about to launch ‘ Mi Credit ‘ in India too. As the name suggests, Mi Credit is Xiaomi’s loan platform for Mi users only.
Mi Credit had already started in India. So you can also easily download the Mi Credit app for Android users from Google Play Store. The company soft-launched Mi Credit in India last May itself. He has also partnered with Bengaluru-based startup KrazyBee for this.
When Xiaomi announced Mi Credit Since then, Mi Credit has been providing loans to Xiaomi users only. In recent times, it is limited only to MIUI users.
|Minimum Loan amount||Rs.1000|
|Maximum loan amount||Rs.100000|
|KYC Process||Yes, Verified|
How does the MiCredit app work?
Mi Credit offers personal loans up to 1 lakh to all its users whose age is more than 18. Xiaomi has provided a repayment period of around 91 days to 3 years in which they have set interest rates starting from 1.35% per month.
For example, if your loan amount is Rs 20,000, you will be charged an interest of 16.2% per annum, and there you will also have to repay or repay the loan through about 6 EMIs so that the overall interest will be payable around Rs 937. And it will have an EMI per month of about Rs 3423, as Xiaomi has explained in its app description on Google Play.
Users can easily register from their Mi account or phone number and upload KYC documents such as ID and address proof. Users will also have to add their bank details in such a way as to transfer funds. Xiaomi has also provided this facility where users can quickly 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 as to whether Xiaomi is going to make this loan service available to other users as well or not. The company has also partnered with many financial loan providers for their credit service in such a situation.
What are the benefits of taking a loan from Mi Credit?
Let us now know what benefits a user will get by taking a loan from MI Credit.
1. The whole process of applying for a loan in MI Credit is straightforward and hassle-free.
2. If you meet all their eligibility criteria, then in such a situation, you will get the Loan Amount on your bank account in real-time, which has been seen much less than others.
3. In this, you will get a desirable rate of interest which will be 1.8% per month from the beginning.
4. MI Credit is much more secure, and all the information you provide 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’s get complete information about applying for a loan.
- First of all, download the MI Credit app through MI Apps on your mobile phone if you are a MI phone user. This facility is not available for android users at the moment, but Xiaomi will launch it soon on Google Playstore.
- Then launch the app and grant it all permissions.
- Click ‘Get Now’ and provide your mobile number. In this way, you will get a ‘One-Time Password’ (OTP) on your registered mobile number. In such a situation, you will have to enter OTP and also have to proceed further.
- Now, in the next step, you have to upload all the necessary documents.
- Upload a picture of yours and click ‘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.
- If you meet all eligibility criteria, you will be allowed to upload all your bank account details and salary details. In such a case, the lender will provide you with a loan amount (loan amount) on your bank account.
Current Status of Mi Credit Services
In recent times, Mi Credit services are spread in more than ten states with around 1,500 pin codes, and it is also planned that it should expand its availability to pin codes of 100 per cent. In due time.
Now the Mi Credit app is already pre-loaded in all MIUI Phones, and if you do not have it, you can also download it from Google Play Store, GetApps, Xiaomi‘s app store as well.
Frequently Asked Questions (Mi Credit)
Let us now know which are the related FAQs of Mi Credit.
1. What is the maximum loan amount that a user can avail using MI credit Ioan?
In this, you can avail of a Loan Amount up to a maximum of Rs.1 lakh from MI credit loan.
2. How much interest will we have to pay if a user takes a loan from MI credit?
In this case, the rate of interest that will be applied to your loan amount will be between 1.3% and 2.5% per month. The interest rate depends on how much you have taken and how much your repayment tenure is.
3. What is the time limit for the maximum repayment tenure of MI Credit?
The maximum repayment tenure deadline for MI Credit is around three years.
4. What documents do you have to provide to get a loan from MI Credit?
This is the list of documents that you have to provide to get a loan from MI Credit:
- PAN Card
- Proof of address
- Source of income information
- Details of your bank account
5. By which date do you have to submit your EMI every month?
It would help if you gave your EMI by the 5th day every month.
6. Do I have to submit any security or collateral from MI Credit for taking any loan?
No, you do not have to submit any security or collateral of any kind to avail of any loan from MI Credit. You only have to pay a small processing fee.
What did you learn today?
I hope you have liked my article What is MI Credit. I endeavour to provide complete information about the MI credit loan application to the readers to be contacted on any other sites. There is no need to search in the context of that article on the internet.
This will also save their time, and they will also get all the information in one place. If you have any doubts about this article or want some improvement in it, you can write low comments.
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