You might be asking yourself what Mi Credit is. Well, let me enlighten you. Take a moment and imagine taking a loan on your phone in the comfort of your home or on a bus, no need to go to the bank and wait for hours to meet the manager.
Mi Credit is a personal financing service where consumers can take a loan through their mobile phones and pay back in monthly installments. It’s just like the traditional banks, but the process is completely digital and the loan disbursement is instant. Mi Credit is very much available in India but i am not sure itr has gotten to other parts of the world yet.
Also Read: New Xiaomi Mi Mix 3 To Support 5G network.
Things To Note About Mi Credit
Below are some important things you need to know before you use Mi Credit:
- Mi Credit is a secure, instant personal loan service by Xiaomi.
- It’s available to all Xiaomi users running MIUI.
- You can take loan up to 1 lakh rupees ($1,443) with real-time disbursement.
- The interest rate vary from 1.3% to 2.5% per month. The maximum loan tenure is 36 months.
- You will need to provide your PAN, address proof, income source, and bank account details.
- You will have to pay the EMI by 5th of every month.
- The loan is collateral free which means you don’t have to provide any kind of security in terms of property. However, you will have to pay a processing fee to avail the loan
How to Use Mi Credit
1. Open Mi Apps on your Xiaomi device and search Mi Credit. Now, install the app.
2. Launch Mi Credit app and go through the welcome screen. After that, grant all the permissions.
3. On the next screen, tap on the Get Now button and provide your phone number. Now enter the OTP and proceed.
4. Here, you will have to enter all the required documents. First, scan your PAN document and enter your details. After that, scan and enter your address proof document.
5. Finally, upload your selfie and then proceed. Your loan profile will be created and will be checked for eligibility.
6. If you are eligible, it will let you proceed ahead with further documentation like bank account and salary details. After that, you will be able to initiate the disbursement directly to your bank account.
Do let us know if it worked for you in the comment section below.