What is MI Credit Loan and how to apply?

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The loan is required by most of us. Be that as it may, because of the absence of the correct stage, individuals don’t get the advance at the ideal time, because of which they endure a ton. Do you know what is MI Credit Loan? By what means can you effectively take an advance from MI Credit Loan? If you do not know about this new service of MI, then, in this case, this article will be of great help to you. 

Compared to the rest of the loan companies or banks, Mi Credit is providing loans to the people in a very smooth manner. At the same time, people on the Internet, especially MIUI users, are not aware of this excellent loan service due to very little information. That’s why I thought that you should be provided complete information about what is the MI credit app and how to apply it. Then let’s start without delay.

 

What is MI Credit Loan and how to apply?
What is MI Credit Loan and how to apply?

 


What is MI Credit – What is MI Credit


Mi Credit is a loan service launched by Xiaomi – which is also India’s largest phone brand, which is currently offering loan services to its customers due to Mi Credit. 


If you are an MIUI user or a customer of Xiaomi, then you also have an option Mehsud using which you can avail of a loan using the instant credit facility. This is the second financial product that has been made available by Xiaomi in India, earlier Xiaomi launched Mi Pay.


Simultaneously, the organization had run the MI credit stage just on a pilot premise. At the same time last year, he announced that he would offer loans of up to 1 lakh by partnering with KreditBee. Currently, Mi Credit’s current lending partners include primarily NBFCs or fitness such as Aditya Birla Finance Ltd, Money View, EarlySalary, ZestMoney, and CreditVidya.


read more –

 

What is Mi Pay?


Mi Pay is a UPI-based installment application that is accessible on MIUI (Xiaomi’s working framework) telephones. And it can also be easily downloaded from GetApps and Google Play Store. Chinese major Xiaomi has starting late impelled its new advancing stage Mi Credit in India, from where customers can without a lot of a stretch take the development of up to 1 lakh. At the same time, he has also thought of launching many more financial products.

MI Credit Launched


Xiaomi as of late reported that they are going to dispatch ‘Mi Credit’ in India as well. As the name proposes, Mi Credit is really Xiaomi’s own advanced stage for Mi clients as it were. 

Actually, Mi Credit had already started in India. So you can likewise effectively download the Mi Credit application for Android clients from Google Play Store.  The organization delicate propelled Mi Credit in India on last May itself. He has also partnered with Bengaluru-based startup KrazyBee for this. 


When Xiaomi declared Mi Credit Since, at that point, Mi Credit has been giving advances to Xiaomi clients as it were.  
As of late, it is constrained uniquely to MIUI clients. 

Minimum Loan amount             Rs.1000
Maximum loan amount             Rs.100000
Loan financer                          KreditBee
KYC Process                            Yes, Verified

 

How does the MiCredit app work?


Mi Credit offers individual advances up to 1 lakh to every one of its clients whose age is over 18 years. Xiaomi has offered a reimbursement time of around 91 days to 3 years in which they have set financing costs beginning from 1.35% every month. 

For example, if your loan amount is Rs 20,000, then you will be charged an interest of 16.2% per annum and the loan will also repay or repay you through 6 EMIs, so the general intrigue will be payable around Rs 937. And EMI per month will be around Rs 3423, such Xiaomi has explained in its app description on Google Play. 


Users can easily register from their Mi account or phone number and can also upload KYC documents such as ID and address proof. Clients will likewise need to add their bank subtleties to move reserves. 

Xiaomi has likewise given this office in which clients can without much of a stretch check their credit gives their very own account Mi Credit application. 

 

What is MI Credit Loan and how to apply?
What is MI Credit Loan and how to apply?


Xiaomi’s Mi Credit administration is as of now accessible just for Mi clients in India. Simultaneously, there is no affirmation concerning whether Xiaomi is going to make this advance help accessible to different clients or not. In such a circumstance, the organization has additionally joined forces with numerous budgetary advance suppliers for their credit administration. 

What are the advantages of taking an advance from Mi Credit? 


Let us now know what benefits a user is going to get by taking a loan from MI Credit. 


1. The whole process of applying for a loan in MI Credit is very easy and also hassle-free. 


2. If you meet all their eligibility criteria, then in such a situation you will get Loan Amount on your bank account. It will be received in real-time only, which has been seen much less than others. 


3. In this, you will get a very attractive rate of interest which will be 1.8% per month from the beginning. 


4. MI Credit is much more secure, and all the information you provide in it is kept safe or secure.


How to apply for MI Credit Loan?


Tell us now how you can apply for an advance on MI Credit. Let’s get complete information about applying for a loan.



1. First of all download the MI Credit app through MI Apps on your mobile phone if you are an MI phone user. 
This office isn’t accessible for android clients right now, yet Xiaomi is going to dispatch it soon on Google Playstore.  

2. Then launch the app and grant it all permissions. 


3. Click ‘Get Now’ and provide your mobile number. Now in this way, you will get a ‘One-Time Password’ (OTP) on your registered mobile number. In this case, you will have to enter OTP and proceed further. 


4. Now in the next step, you have to upload all the required documents. 


5. Upload a picture of yours and click on ‘proceed’. In such a situation, a loan profile will be created and you will also be checked whether you are eligible to take a loan or not. 


6. If you meet all eligibility criteria, then you will be allowed to upload all your bank account details and salary details. In such a case, the lender will provide you with a loan amount (loan amount) on your bank account.

Current Status of Mi Credit Services

As of late, Mi Credit administrations are spread over in excess of 10 states with around 1,500 pin codes, and its arranging is likewise to grow its accessibility to arrive at pin codes of 100 percent. 

In due time. Presently the Mi Credit application is now pre-stacked in all MIUI Phones and on the off chance that you don’t have it, at that point you can likewise download it from Google Play Store, GetApps, Xiaomi’s own app store.


Frequently Asked Questions (Mi Credit)


Let us now know which are the related FAQs of Mi Credit. 


1. What is the maximum loan amount that a user can avail of using MI credit Ioan? 


In this, you can avail a loan amount up to a maximum of Rs.1 lakh from MI credit loan. 


2. How much rate of interest will we have to pay if a user takes a loan from MI credit? 


In this case, the rate of interest that will be applied to your loan amount will be between 1.3% and 2.5% per month. Rate of interest depends on how much loan amount you have taken and how much is your repayment tenure. 


3. What is the time limit for MI Credit’s maximum repayment tenure? 

The maximum repayment tenure deadline for MI Credit is around 3 years. 

4. What documents do you have to provide to get a loan from MI Credit? 

This is the list of documents that you have to provide to get a loan from MI Credit:

  • PAN Card 
  • Proof of Address 
  • Source of Income Information 
  • Details of your bank account

 

5. By which date do you have to submit your EMI every month? 

You should give your EMI by 5th day every month. 

6. Do I have to submit any security or collateral to take any type of loan from MI Credit? 

No, you do not have to submit any security or collateral of any kind to avail of any type of loan from MI Credit. You only have to pay a small processing fee.

A GST rate of about 18% will be applicable to banking services and products from July 01, 2017.

 

what did you learn today


I hope you have liked my article What is MI Credit in Hindi. It has always been my endeavor to provide complete information about the MI credit loan application to the readers so that they do not have to search on any different locales or web with regards to that article. 


This will likewise spare their time and they will likewise get all the data in a single spot. On the off chance that you have any questions about this article or you need that there ought to be some improvement in it, at that point for this you can record remarks.


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