MI Credit is a service launched by Xiaomi – one of India’s largest phone brand, where it offers loan services to its customers. If you are a MIUI user or a customer of Xiaomi, you have the option of availing a loan by using the MI Credit instant loan facility.
Similar to Mi Credit Loan we can opt personal loan
Benefits of availing a loan from MI Credit
- The process to apply for a loan from MI Credit is extremely simple and hassle-free
- If you meet all the eligibility criteria, then the lender disburses the loan amount to your bank account in real time
- The rate of interest is attractive and starts at 1.8% per month
- MI Credit is highly secure, and the information provided by you remains safe.
How to apply for a loan from MI Credit
- Download the MI Credit app on your mobile phone either using the MI Apps if you are a MI phone user. The facility is unavailable to android users, but Xiaomi is expected to launch the app on Google Playstore soon.
- Launch the app and grant all the permissions.
- Click on ‘Get Now’ and provide your mobile number. You will receive a ‘One-Time Password’ (OTP) on your registered mobile number. Enter the OTP and proceed.
- The next step will require you to upload all the necessary documents.
- Upload a picture of yourself and click on ‘proceed’. A loan profile will be created and whether you are eligible for a loan will be checked.
- If you meet the eligibility criteria, you will be allowed to upload the details of your bank account and salary details. The lender will disburse the loan amount to the bank account provided by you.
FAQs on Mi Credit Loan
- What is the maximum loan amount that I can avail using MI credit Ioan?
You can avail a loan of up to Rs.1 lakh from MI credit loan.
- What is the rate of interest levied if I avail a loan from MI credit?
The rate of interest levied can range between 1.3% and 2.5% per month. The rate of interest levied will depend on the loan amount availed by you and the repayment tenure.
- What is the repayment tenure under MI credit?
The maximum repayment tenure under MI credit is 3 years.
- What are the documents I will have to provide in order to avail a loan from MI credit?
The list of documents you will have to provide in order to avail a loan from MI credit are:
By which date should I pay the EMI every month?
- PAN Card
- Proof of address
- Source of income
- Details of your bank account
You should have paid your EMI by the 5th day of each month.
Do I need to provide any security or collateral in order to avail a loan from MI Credit?
You won’t be required to pay any security or collateral in order to avail a loan from MI Credit. All you will require is to pay the processing fee.