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.

Source – Mi Community

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.

How To Use Mi Credit?

Source – Mi Community

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.

Source – Beeboom

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

Source – Vijay Solution

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.