02 January 2020
Xiaomi has officially launched its Mi Credit personal loan service in India. It is the second financial sector application from the company as it had previously released Mi Pay UPI-powered mobile payment app. This new service is accessible via a smartphone app currently available only for Android devices.
Mi Credit service was originally released under a pilot program last year. Xiaomi has said it has offered loans worth over Rs. 28 crores including 20% of loans worth the maximum value i.e. Rs. 100,000. The app has now been launched in the stable version and can be used by anyone with an Android device.
Xiaomi has teamed up with a number of money lending services including Aditya Birla Finance Limited, Money View, EarlySalary, CreditVidya, and ZestMoney. All of the partners have also signed on Xiaomi's data protection agreement to ensure that users' data is safe and protected. It further revealed that data is stored in encrypted form and on Indian data servers.
The whole process of applying for a personal loan including submission of KYC documents on Mi Credit app is said to be fully digital. Xiaomi has claimed that it will take only 5 minutes for users to apply and check whether their loan application is approved. The app also supports all major Indian banks for real-time disbursement of the amount. Lastly, the app can also be used for checking the Experian credit score.
- Download and install the Mi Credit app from Google Play Store
- Register using your Mi account or mobile number
- Add your personal details and upload KYC documents for digital verification
- Add bank details to get the loan amount if approved.
A user can choose the loan amount to be anywhere between Rs. 1,000 and Rs. 100,000 for a tenure of 91 days to 3 years. The interest rate will start at 1.35% per month and will depend on the amount and duration. It should be noted that the Mi Credit app is what you will have to use for the repayment of the loan as well.