11 Apr 2019
Mi Credit: How to get instant loan from Xiaomi
Xiaomi has already captured a massive portion 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 expand the purchasing power of its customers, it has launched Mi Credit, a service offering instant personal loans up to Rs. 1 lakh.
Here's everything you need to know about it.
What is Mi Credit?
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, any individual with a Xiaomi device can use it.
They can borrow up to Rs. 1,00,000 and pay it back via debit card/netbanking over a period spanning up to 36 months.
How much interest Xiaomi charges
As one could expect, Xiaomi will charge interest rates and processing fees for offering 'Mi Credit'.
The interest would fall between 1.3% and 2.5% per month, depending on your credit score and value of the loan, among other factors.
But, here's the interesting part; this rate range is either lower or equal to that of other services in this arena, including Indiabulls' Dhani.
Steps to get loan from Mi Credit
Now, if you want to borrow from Xiaomi, head over to the Mi Store on your MIUI device and download 'Mi Credit' app.
Once downloaded, open the app, give necessary permissions, and tap on the 'Get Now' button to sign in with your phone number and OTP.
After this, hit 'Get Now' button again to file basic details with the company and borrow.
Here's the information you'll have to provide
First, Xiaomi will prompt you to provide a photo of your PAN card, its number as well as basic information like your name, gender, and birth date.
On the next two pages, you'll be asked to upload your address proof and take a selfie for creating a loan profile.
After this, Xiaomi will check the eligibility of your profile and offer options to continue.
Final steps to get the loan
If you're not found eligible, Xiaomi will ask you to check again after 60 days, but if you are, it will seek further information like bank account and monthly salary details.
After this, you'll be able to select the loan amount, period and repayment schedule as per your need.
Finally, the app will verify your bank account and transfer the requested amount into it.
Still, availability is a major issue
While Xiaomi offers an excellent personal package for young professionals with stable income, its availability is a major point of concern.
As we said, only Xiaomi users with MIUI running on their devices can download and apply for Mi Credit at present.
This means rest of us still don't have the option to borrow from Xiaomi, at least not directly.