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Everything You Need To Know About Xiaomi Mi Credit Personal Loan Service
Xiaomi today announces the launch of the company's Mi Credit service in India. The personal loan service from Xiaomi claims to offer best personal loans to Xiaomi users without any need of physical documentation. Xiaomi claims that the Mi Credit service is built as the first personal loan choice for millennials. It promises to solve most challenges associated with the traditional lending industry with a 100% digital experience. Here's everything you need to know about the Xiaomi Mi Credit loan service.
What Is Mi Credit Service?
Mi Credit is Xiaomi's second finance solution to be launched in India after Mi Pay. It is an online curated marketplace for lending, to offer personal loans to users. The list of lending partners for Xiaomi Mi Credit primarily includes NBFCs or Fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. Unlike the conventional loan applying process, the Mi Credit promises to lend loans with a 100% digital experience.
Mi Credit- Claims To Offer Loan Within 5 Minutes
Mi Credit is designed to simplify the loan applying process. Xiaomi claims that the first time Mi Credit users can complete the digital application form within five minutes. The repeat customers can avail a loan with one click disbursement. Here's how to apply loan on Xiaomi Mi Credit app.
How To Apply Loan On 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 details such as Name, Gender, Date of Birth, Phone no, Email id, PIN code and Employment details. Click on Check offer.
2) Update your address proof by uploading Aadhar card or Passport for ‘Aadhar paperless offline KYC'.
3) Add PAN card details.
4) Take a selfie to upload your picture in the Mi Credit database.
5) Complete your profile by filling details such as Loan purpose, Mother's name and Email id. Save and Proceed.
6) Xiaomi will now start verifying your details for loan approval.
7) If you are eligible for loan, you can proceed by choosing the amount and the tenure of the loan
8) Update your bank account details. Click on confirm.
9) Check your loan agreement.
10) Receive loan amount in your bank account.
Important Things To Note
• The maximum amount of personal loan offered by the Mi Credit service is Rs. 1,00,000 (One lakh).
• The rate of interest applied is 1.35 % per month, which will translate to 16.2% per annum in Mi Credit service. Banks in India offer personal loans at a starting rate of interest of 10.75% with varied processing fees.
• With Mi Credit, you can choose to pay the loan amount back within a tenure period of 3-12months.
• 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 the users' data on Mi Credit is stored securely in encrypted format in India through the company's partner Amazon Web Services Cloud Infrastructure.
• Mi Credit app comes 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 About Xiaomi Mi Credit Service?
Xiaomi mentions that the Mi Credit ensures higher success rate, with higher loan amount at a lower interest rate than other existing solutions as it is designed as a platform with multiple lending partners.
In India, the Mi Credit personal loan solution services more than 10 states spanning across 1,500 pin codes. The company aims to expand its availability to 100% of the pin codes (more than 19,000 pin codes) by the end of FY2019.
Would you consider Xiaomi Mi Credit as a personal loan lending service? Let us know in comments.