Xiaomi now lets you borrow instant loans from Rs 10,000 to Rs 1 lakh with Mi Credit
Xiaomi on Thursday launched the Mi Credit service in India that acts as a financial lending platform for MIUI users. The company has listed the financial loan providers on Mi Credit, and users can log onto the platform to apply for quick loans and for that Xiaomi has announced a partnership with KreditBee, an instant personal loan platform aimed at young professionals.
Using Mi Credit, MIUI users can get a personal loan, anywhere between Rs 1,000 to Rs 100,000 Lakhs.
“Xiaomi provides internet services to give our users a complete mobile internet experience, and MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools. Mi Credit is another big step in bringing an important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated,” said Manu Kumar Jain, VP of Xiaomi and MD of Xiaomi India.
How to avail it…
- The procedure is simple, and a loan can be quickly initiated in less than 10 minutes after completing the KYC verification.
- The verification processes will be carried out by the lending partner, “KreditBee” as of now, and the Mi Credit website only lists the names of the agents.
- The loan will also attract interest rates depending upon the amount and duration.
Example – For an amount of Rs 1,000 to Rs 9,000 availed for 15 days, a flat interest rate of 1.48 per cent will be levied, as per KreditBee. While the interest rate of 36 per cent is incurred annually on the loans starting Rs 10,000 and going up to Rs 1,00,000.
NOTE: The Mi Credit lending service will only be available to the MIUI users, which means that users of Mi A1 cannot avail it.