Mi Credit – Instant Personal Loan App from Xiaomi

India is seeing a good rise in the number of people using mobile phones & the internet. After the demonetization, many Fintech companies have evolved in India. UPI apps like Google Pay, PayTm are widely used. New-age India likes instant services at a few clicks. There are many companies that came up with instant personal loan apps in India. A few of the instant personal loan apps are MoneyTap, PaySense, Bajaj Finserv, PayMeIndia, etc. Seeing the scope in this sector, on 3rd December 2019, Xiaomi introduced its instant personal loan app – Mi Credit in India.

What is Mi Credit?

Mi Credit is a platform using which individuals can avail loans up to 1 lakh rupees within 5 minutes. Customers who avail of this loan can pay back in monthly EMIs.

The app has partnered with 5 lending partners – Aditya Birla Finance Ltd, Money View, EarlySalary, Zestmoney and CreditVidya.

Features of Xiaomi’s Mi Credit Platform

• The entire process is 100% digital (paperless).
• The app also generates a credit score for the users for Free.
• High loan amount is available at low-interest rates.
• Also, the app data will be encrypted and stored locally in Indian data centers.

Xiaomi has been running a pilot of this service and has already disbursed more than Rs. 28 crores of loans. The interest rate vary from 1.3% to 2.5% per month.

Here’s introducing #MiCredit a curated marketplace for lenders.

– 100% Digital
– Apply for loan in 5 minutes
– High success rate, higher loan amount, low interest rate
– Free Credit Score
– Encrypted data locally stored

Get it on @googleplay and GetApps #MoneyWhenYouNeedIt pic.twitter.com/jc1oAqOn9k

— Mi Money (@MoneyWithMi) December 3, 2019

How to use Mi Credit App and get an instant loan?

Mi Credit can be downloaded from Google Play Store/Mi Store. Also, it will come pre-loaded with Mi Phones.

Once downloaded, users need to do the registration process. One can register using Mi Account or phone number.

Post which, the user will have to input PAN number and click a photo of pan card using the app.

After successfully updating PAN details, the user will have to click a photo of any address proof (Aadhar, driving license, passport or election ID) & complete the KYC process by entering the required information.

Then the user needs to enter his/her bank details for transaction purposes.

Then the user needs to agree to the loan T&Cs and agreement.

Finally, the loan is sanctioned to the user and the user can repay it in EMIs.

Conclusion

This was an overview of the instant loan app by Xiaomi. If you have already used the app and want to share your experience, please feel free to comment.

Also, if you came to know about this app from this article and want to inform your friends & relatives about it, then please share the article link with them.

If you know any other such useful app on which I should write, then please feel free to share your ideas.

My advice to the people would take fewer loans. Take a loan only if it is necessary. Try to save money for an emergency. Xiaomi Mi Credit is giving 1 lakh loan that doesn’t mean you take it for the purpose of fun. When you take a loan, you are liable to pay it back. Though such platforms are useful during a crisis, but do not make it a habit to take loans.

Keep reading, Keep growing!