After the last year’s pilot run, Xiaomi has finally launched the Mi Credit digital lending platform officially in India. The company said that over 28 crores worth of loans were disbursed during the pilot program and around 20% of the loans disbursed were for the highest loan value. “We were disbursing ~INR 1 Cr of loans/day during the pilot (Nov). Hope to further grow it!” – Manu Kumar Jain said on Twitter. As per Xiaomi, the process to apply for the loan from the Mi Credit app is 100% digital and involves no paperwork at all. Furthermore, the process takes just around 5 minutes and the amount is instantly transferred to your preferred bank account.
Xiaomi Mi Credit app launched in India: Here’s how you can get up to 1 lakh instant personal loan
As said, the Mi Credit app offers real-time disbursements of the money and has support for all the major banks. The maximum loan amount offered is INR 100,000. The company further claims that the loan service has a high success rate and a low-interest rate. Plus, you can check your existing credit score for free. The repayment period can be selected ranging from 91 days to 3 years and the interest rates start at 1.35% per month. To ensure safe compliance, Xiaomi claims that it has a protection agreement with all its lenders and the data is encrypted in Indian data centers. “We have a data protection agreement with all our lenders. All data is stored in an encrypted format locally” – Manu tells.
Steps to apply for the loan
- Install Mi Credit app from the Google Play Store
- Sign up using your Mi account or your phone number
- Add your personal details
- Upload your KYC documents (Government-approved ID and address proof)
- Add the preferred bank (provided it is in collaboration with Mi Credit)
- Choose the loan amount (up to INR 100,000)
- If approved, the loan amount gets transferred to your bank account instantly
The Mi Credit app interface is fairly minimal and the loan approval process appears to be pretty convenient too. This could help those who want to avail a loan without going through all the hassle of the traditional loan.
What are your thoughts on the Mi Credit app? Do let us know in the comments section below.