Now, you can take instant loans from Xiaomi: Here's how
What's the story
Along with Mi band and TV, Chinese giant Xiaomi has also launched a dedicated app for instant credit services - Mi credit. The app, which is available for download from Mi's community page, will solve instant cash requirements by disbursing loans at low rates. But here's the catch: the facility is exclusive only for those running MIUI on Mi phones. Here are the details.
Availing Mi credit
How can you avail credit from Mi credit app?
Once you have downloaded the app, login with your Mi account, fill-in basic details, and upload documents to verify age, address and monthly salary. Following verification and eligibility check, select the loan amount, period and repayment schedule as per your need. The app will then verify your bank account and transfer the amount in question, taking not more than 10 minutes.
Interest rates
What would be the interest rates?
While the loan disbursement process is pretty easy, the biggest highlight of this service has to be interest rates. Xiaomi has said the service would provide credit at interest rates as low as 1.8% per month. The range of loan will be between Rs. 1,000 to Rs. 1,00,000. Plus, users will also get the flexibility to repay the amount via net-banking or debit cards.
Eligibility
No way for non-Xiaomi users, at least as of now!
As of now, Mi credit is available for whitelisted Mi phone users, which means if you're using some other device or OS, there is no way to avail this service. However, if you're not on Xiaomi's whitelist, you can get on it by emailing the company with subject 'whitelist' and a note with your number. Their executives will get back with the next steps.
Mi Credit's backbone
Xiaomi's partnership with KreditBee
Xiaomi started providing credit services back in May after partnering with instant personal loan platform KreditBee. Currently, only this particular company is providing the credit with young professionals in mind, but as its reach expands, we can expect more personal loan ventures to join in with bigger loan plans. Here's the link to download the app: mimarket://details?id=com.mi.credit.in