Everything you need to know about the Xiaomi Mi Credit personal loan service

What is Mi Credit Service?

Mi Credit is Xiaomi’s second financing solution to launch in India after Mi Pay. It is an online marketplace for loans, which offers personal loans to users. The list of lending partners for Xiaomi Mi Credit mainly includes NBFCs or Fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. Unlike the conventional loan application process, Mi Credit promises to lend loans with a 100% digital experience.

Mi Credit - claims to offer a loan within 5 minutes

Mi Credit – claims to offer a loan within 5 minutes

Mi Credit is designed to simplify the loan application process. Xiaomi claims that the first time Mi Credit users can complete the digital application form in five minutes. Loyal customers can avail of a loan with one click disbursement. Here’s how to apply for a loan on the Xiaomi Mi Credit app.

How to apply for a loan on the Mi Credit app

How to apply for a loan on the Mi Credit app

1) The loan application process on the Mi Credit app starts with the KYC process. Open the app and start updating your basic information like name, gender, date of birth, phone number, email id, pin code and job details. Click Check Offer.

2) Update your proof of address by uploading Aadhar card or passport for “KYC offline paperless Aadhar”.

3) Add the details of the PAN card.

4) Take a selfie to upload your photo to the Mi Credit database.

5) Complete your profile by filling in details like loan subject, mother’s name and email id. Save and continue.

6) Xiaomi will now start to verify your details for loan approval.

7) If you are eligible for the loan, you can proceed by choosing the amount and duration of the loan

8) Update your bank details. Click on validate.

9) Check your loan agreement.

10) Receive the loan amount in your bank account.

Important things to note

Important things to note

• The maximum personal loan amount offered by the Mi Credit service is Rs. 1,000,000 (one lakh).

• The interest rate applied is 1.35% per month, which will translate to 16.2% per year in the Mi Credit service. Banks in India offer personal loans at a starting interest rate of 10.75% with varying processing fees.

• With Mi Credit, you can choose to repay the loan amount within 3-12 months.

• The Mi Credit service supports all major banks.

• Users can also check their credit score instantly on the app, for free. The service is powered by Experian.

• Xiaomi mentions that user data on Mi Credit is stored securely in an encrypted format in India through the company’s partner, Amazon Web Services Cloud Infrastructure.

• The Mi Credit app is preloaded on all MIUI phones. You can also download the app from Google Play Store and GetApps, Xiaomi’s own app store.

What do you think of the Xiaomi Mi credit service?

What do you think of the Xiaomi Mi credit service?

Xiaomi mentions that Mi Credit guarantees a higher success rate, with a higher loan amount at a lower interest rate than other existing solutions, as it is designed as a platform with multiple loan partners.

In India, the Mi Credit personal loan solution serves more than 10 states covering 1,500 PIN codes. The company aims to expand its availability to 100% PIN codes (over 19,000 PIN codes) by the end of fiscal 2019.

Do you see Xiaomi Mi Credit as a personal loan service? Let us know in the comments.

Source link

Previous Pakistan gets another World Bank loan for Karachi development
Next Xiaomi launches quick loan service app in India