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:
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.
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