What is Mi Credit? How to Use It?
After revamping the smartphones, TVs and other electronics industry, Xiaomi has stepped into the financial sector with the services like – Mi Pay and Mi Credit. Mi Pay is a UPA based payment system and Mi Credit is a credit lending service which is available from the last September to the selected MIUI users, but now it’s available for all the Xiaomi users. This credited service allows users to borrow personal loan up to 1 lack rupees instantly to their bank accounts. If you are intruded about this financial service of Xiaomi, then you will be pleased to know that we are going to understand this service in-depth with the method to use it.
What is Mi Credit?
Mi Xiaomi credit is a type of personal finance loan where user can take a loan through their mobile phones and payback in small monthly installments. It is similar to the traditional bank loan procedure, but this is entirely a digital process and the loan disbursement is instant. The main highlighters of the credit service offered by Xiaomi are –
1. It is a secure and instant way to get a personal loan sanctioned.
2. It is available for all the Xiaomi users who are running MIUI.
3. User can get the loan up to 1 rupee in the real-time.
4. The interest rates vary from 1.3%-2.5% per month and the maximum loan tenure is 36 months.
5. To get the loan, the user needs to provide PAN, address proof, income source, and bank details.
6. The EMI for a loan should be paid by 5th of every month without delay.
7. It is going to be a collateral-free loan that means you won’t have to show any kind of security in the terms of property to get the loan. However, you have to pay a certain processing fee to get the loan.
Also Read: Top 10 Features of iOS 13
How To Use Mi Credit?
If you want to get a quick loan for some emergency, then this Xiaomi Service is going to be very helpful for you. However, if you haven’t used this service before and struggling to use the app, then you can follow these easy steps.
Step 1. On your Xiaomi smartphone, you should open your Mi Apps icon by tapping over it and search for the Mi Credit app and press on install.
Step 2. Now, run the app on your device and go through the welcome screen after granting permission to the app.
Step 3. On the very next screen, you have to tap on the Get Now option and enter your mobile phone number and after that, you will receive an OTP number which you have to enter in lieu to start the app.
Step 4. Next, you have to insert a digital copy of your financial documents. Foremost, you have to scan your PAN document and enter your details. After, that you have to scan your address proof and enter your address proof document.
Step 5. Lastly, you have to click your one selfie with your Xiaomi device and then press on proceed. Now, your loan profile has been created and will take a few minutes to check your eligibility status.
Step 6. If you are fortunate enough and your papers are correct, then you will get eligibility status and up next you have to provide more documents like your bank account statement and salary details. After that, you will be able to initiate the disbursement directly to your bank account. However, one time if you fail to find loan eligibility, then after 60 days you can reapply.
Comparison with Other Instant Personal Loan Services
This is a very new credit service and its main target are only MIUI users, on the other hand, the Indian market is swamped with numerous other instant personal loan services such as Indiabulls Dhani, KreditBee, and LazyPay are the few leading services. If we compare other loan services with the service in our hand, then we can find the following differences –
Credit Availability – Xiaomi personal loan service is available only to MIUI users which is a small part of android users. It is a tough nut to crack as its user based is closed off. There are plenty of different digital lenders available that’s why it is good for Xiaomi to increase its service base.
Interest Rates – If we discuss the monthly interest rates, then we can say that it has a better interest rate than any of the leading competitors. The interest of Xiaomi credit service starts from with 1.3% to 2.5% interest rates with 36 months of tenure. Nonetheless, Xiaomi has to fight the competition to maintain a low processing fee, and better customer service to create a loyal customer base.
Integration – Today, it is very important for financial services to easily integrate with other services like food delivery, taxi, and shopping. But, unfortunately, Xiaomi credit service won’t offer integration with other services. However, MIUI users expect that Xiao mi will work on the app integration in the future and introduce some major changes in the app.
Also Read: How to Download Apps Not Available in Your Country on Android and iPhone
Are you Excited to Use Mi Credit?
Xiaomi credit service is an amazing product and it has huge potential to help out the people who need monetary help instantly. The interest rates offered by Xiaomi are as per the industry standards, but the improved customer service and no hidden charges make it the most accessible instant personal loan services. Currently, Xiaomi is understanding the requirements and need of middle-class users better than any other service provider.
We truly hope that in the future, Xiaomi will continue to push their boundaries and will design some more consumer-oriented electronic products. So, we hope that after reading – what is Mi credit and how to use Mi credit? You are ready to try your luck with this app and instantly loan to fulfill your dreams.
If you have used this financial service or planning to use, then please share your experience and queries in the below-given comment box.
How to Fix the “Network Discovery is Turned Off” Error on Windows 11/10
Introduction: Among many common Windows errors, the “network discovery is turned off” error is an annoying obstacle that disrupts your workflow. Whether you’re trying to share files, stream media, or access shared printers, encountering this error can be perplexing and disruptive. The good news is that understanding the causes and solutions for this error can […]
How to Use the New Bing With ChatGPT
Introduction: Gone are the days of sifting through endless search results. With Bing, powered with ChatGPT, you can now ask questions in plain language and receive instant, personalized answers tailored to your needs. It’s like having a conversation with a knowledgeable search assistant right at your fingertips. So, agree or not, you are definitely in […]
How to Use Split Screen on a Mac
Introduction: In today’s fast-paced digital world, maximizing productivity is the key. Period. And being able to juggle multiple tasks seamlessly is a skill worth mastering. If you’re a Mac user looking to boost your multitasking abilities, you’re in luck. Apple’s macOS offers a powerful feature known as Split Screen, which allows you to effortlessly divide […]
How to Disable the Lock Screen on Windows 11
Introduction: In the world of productivity, every single second counts. The last thing anyone wants is to be hindered by unnecessary obstacles while using their computer. One such obstacle is the lock screen that appears every time you wake up your Windows device. Though it may appear as a minor inconvenience, those valuable seconds spent […]
How to Find Your iPhone From an Android Device?
Introduction Mobile phones are the necessary daily gadget that functions the maximum amount of work for the user and help to communicate with people. It will be a disaster if you lose your iPhone anywhere on the street or office and have no idea how to recover it. Mostly you will panic and return to […]
How to Create a Custom Map in Google Maps
Introduction You may create Google custom maps that do not appear on anyone’s page by going to maps.google.com and using one of the many available choices. You do not need specialized software to make a unique map for you or someone else. All you require is Google Maps, which enables you to create a personalized […]
How to Repair Your Own iPhone
Introduction You can consider some DIY actions if your Apple device is not functioning as it once did or if your screen or another piece of the system is physically damaged. You may repair your iPhone yourself using these suggestions. You can fix an iPhone on your own using one of two methods. Purchasing new […]
The 5 Best Gaming Laptops in 2023
Introduction Are you looking for the best laptop to play high-specification games? Technology Industries have been producing revolutionary products in gaming PCs and Laptops. People invest a tremendous amount in building a gaming pc, so it requires multiple accessories to play the game. In contrast, gaming laptops are changing the aspect of the gaming experience. […]
How To Detect And Remove Keylogger From Windows PC?
Introduction Keyloggers are a famous tool hackers use to obtain passwords and other sensitive data. All they need is access to the device to detect keylogger in Windows PC. Once set up, the keylogger will operate silently in the background and capture the keystrokes you make on a physical or virtual keyboard. There are various […]
The Top Ten AI Chatbots: ChatGPT Alternatives for 2023
Introduction You may use the ChatGPT text maker to generate any script by putting the required word into the search box and browsing the likely answers. The machine heavily utilizes online data to discern the intricacies of the basic human-written text. We are now determining its ideal use cases for ChatGPT, a well-liked chatbot with […]