Mi Credit: How to get an instant loan from Xiaomi
April 11, 2019, 7:29 p.m.
3 minute read
Xiaomi has already captured a massive share of the Indian market with its insanely impressive smartphones, TVs, wearables, and more.
The company dominates the budget category, but now, in a bid to increase the purchasing power of its customers, it has launched Mi Credit, a service offering instant personal loans of up to Rs. 1,000,000.
Here’s everything you need to know about it.
Mi Credit is Xiaomi’s way of offering digitally approved loans without any collateral, just like ZesMoney, Dhani and other players in the fintech category
The service was announced for select MIUI customers, but now anyone with a Xiaomi device can use it.
They can borrow up to Rs. 1,00,000 and repay it via debit card/netbanking over a period of up to 36 months.
How much interest Xiaomi charges
As expected, Xiaomi will charge interest rates and processing fees for the “Mi Credit” offer.
The interest would be between 1.3% and 2.5% per month, depending on your credit score and the value of the loan, among other factors.
But, here’s the interesting part; this price range is less than or equal to that of other services in this field, including Dhani from Indiabulls.
Steps to get a loan from Mi Credit
Now, if you want to borrow from Xiaomi, go to the Mi Store on your MIUI device and download the “Mi Credit” app.
Once downloaded, open the app, grant necessary permissions and tap the “Get Now” button to login with your phone number and OTP.
After that, tap the “Get Now” button again to deposit the basic information with the company and borrow.
Here is the information you will need to provide
First, Xiaomi will ask you to provide a photo of your PAN card, its number, and some basic information like your name, gender, and date of birth.
On the next two pages, you will be asked to upload your proof of address and take a selfie to create a loan profile.
After that, Xiaomi will check your profile eligibility and give you options to continue.
Final steps to get the loan
If you are not eligible, Xiaomi will ask you to verify again after 60 days, but if you are, it will look for additional information such as bank account and monthly salary details.
After that, you can select the loan amount, period and repayment schedule according to your needs.
Finally, the app will verify your bank account and transfer the requested amount to it.
Still, availability is a major issue
While Xiaomi has a great personal package for young professionals with stable incomes, its availability is a major concern.
As we said, only Xiaomi users with MIUI running on their devices can download and apply for Mi Credit at present.
That means the rest of us still don’t have the option to borrow from Xiaomi, at least not directly.