Xiaomi has re-launched its Mi Credit platform in India as an improved version of the service that first went live in May last year.
The new service is the second Mi-branded financial solution after the UPI-based Mi Pay, and it aims to offer personal loans in minutes. The process is 100% online.
Here's all about the service, and the process to apply for a loan.
About Mi Credit
Mi Credit is a personal loan platform from Xiaomi, and its financial partners include the likes of Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya, among other NBFCs.
You can apply for a loan of upto Rs. 1 lakh and it can be repaid with easy EMIs over a period of 91-days to 3-years at interest rates starting at 1.35% per month.
The platform follows a 100% online process
With the Mi Credit app, Xiaomi is using paperless KYC for verification and promises to grant the loan within minutes, thanks to a simple four-step application process. Notably, all data will be stored on Mi Servers in India for security reasons.
How to apply for a loan?
To get started, install the Mi Credit app from Google Play Store and register through Mi account or phone number.
Now, upload your KYC documents and add personal details for online verification including bank details.
Finally, select the amount of loan and the EMI tenure to finish the application process. Once approved, the loan will be disbursed directly to your bank account.
The Mi Credit app also offers credit report facility
In the Mi Credit app, you can also check your credit score. The company is offering a credit report generation service from Experian worth Rs. 1,200 for free. You will also get some tips to improve your credit score.