Mi Credit Launched: Now You Can Get a Loan Online Within Minutes

Publish On: 03 Dec, 2019 03:17 PM | Updated   |   Prateek  

Xiaomi is covering each and every sector slowly. From smartphones to organic T-shirts, Xiaomi is making it all. Now, It has entered the banking sector by launching the app called "Mi Credit".

Mi Credit is a digital lending platform which has been launched in India.

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The app was under pilot testing from the last few months and now finally has been released throughout India. There are tutorials by Xiaomi that tell you how to take a loan simply via the Mi credit app. The company during the official stable launch also revealed that loans of 28 crores+ have already been distributed.

 

 

The company has developed a completely digital process that is done before the user gets the loan. You can take loans of up to Rs.1 Lakh as a personal loan which will be credited to the user's bank account after the approval and the user just need to do a 5-minute KYC process and then he/she is good to go.

After the approval, the user can choose the loan amount, tenure & a repayment period. The maximum duration of the loan can be as much as 36 months (3 years). The interest rate will go as high as 2.5% per month for a loan that will last for 36 months.

The minimum repayment time starts from 91 days with an interest rate of 1.35% per month. This application can provide loans to users only who are at least 18 years old.


Xiaomi has tied up with five partners:

  • Aditya Birla Finance
  • Money View
  • EarlySalary
  • CreditVidya
  • ZestMoney

 

The app has launched for Android as of now but it will soon be released to iOS too. You can download the app from the play store. 

Drop your thoughts about the app in the comment section.

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