What Is Xiaomi’s Mi Credit Service And How To Use It

what is Mi Credit Service And How to use Mi credit service
What is Mi Credit Service. image by in.c.mi.com

One of the world’s leading smartphone company, Xiaomi, is worldwide famous for its budget smartphone but But Xiaomi did not want to limit itself to smartphones, so in the last few years, Xiaomi has introduced several other new electronic and smart gadgets like smart shoes, smartwatch, smart T.V. in the market. But now apart from gadgets and smartphones, Xiaomi wants to provide some services to its users and therefore Xiaomi has released two new services one by one, the first one is Mi-Pay, which is a digital payment service, the other one is Mi Credit service which is a financial service and has recently been released. We already talked about Mi Pay in one of our previous articles so now let’s talk about Mi Credit Service like what is Mi Credit and How you can use Mi credit service?

What Is Mi Credit

Mi Credit is personal financing service from Xiaomi, with which customer can take a personal loan through their smartphones and pay back in monthly installments. The service of Mi Credit announced the first time in September 2018 when it was launched for a few selected users so they can test this service. And now after the successful testing, Xiaomi has launched this service to all Xiaomi users running MIUI via the Mi Credit App. With Mi Credit service, the customer can take a personal loan up to 1 lakh rupees, instantly into their bank account. The process of taking loan from Mi Credit is totally digital, even you don’t need to meet any physical body to submit your details and documents, the app will take care of the work of a loan agent.

At present, the service of Mi Credit is available for Xiaomi users running MIUI. In this service, the maximum loan tenure is maximum 36 months means 3 years. The loan you will get from Mi credit will be totally collateral free, that means you won’t have to provide any kind of security in terms of property. However, you will have to pay a processing fee to avail the credit or loan. So, in short, we can say, Mi Credit is a secure and instant personal loan service by Xiaomi with which you can take a personal loan up to 1 lakh rupees amount with real-time disbursement. So that’s what Mi Credit Service, now let’s How you can use it…

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How To Use Mi Credit Service

So it is very easy to use Mi Credit Service, all you have to do is follow these simple steps, which I shared below here…

  1. Open Mi Apps on your Xiaomi smart device and find Mi Credit Application and then download it and install it.
  2. Now open the application and then you will get a welcome note and some permissions to allow, so allow them.
  3. After that on the next page, you will ask for your mobile no. so enter your mobile no.there and then enter the OTP you will get through text message.
  4. Now on the next page, you will be asked for scan all required documents such as pan card, POI, POA, etc. So scan the all your original required documents and enter all of your required details there.
  5. After scanning documents, upload your selfie (self-clicked pic of yourself) and then hit the proceed button.
  6. It will create your Loan profile and then it will go for your eligibility check.
  7. If you are eligible, it will take you to the next page, where you will be asked for documentation such as bank account statement and salary details. Then you will be able to initiate the disbursement directly into your bank account(which details you have given).

So that’s how you can use Mi Credit service, that’s all you have to do nothing more than that. No need to call any agent and no need to pay commission to any agent.

Documents Required For Mi Credit Service

Like other finance companies, Mi Credit is also asking to submit some documents. So the documents you have required to submit for taking a personal loan from Mi Credit Service are, your Pan Card as a POI (Proof of Identity) document, One POA (Proof of Address) document it can be your Aadhar card or passport or other government IDs in which your address mentioned, document which proves your source of income such as salary slip, and in the end your bank account details. So you to have submitted these documents on the application of Mi Credit for taking a loan.

Mi Credit Interest Rate

The interest rate that applies to the Loan from Mi credit is another thing that can attract you towards this service because with this service Xiaomi is providing you a loan with low monthly interest rates. Mi Credit is providing you the loan on 1.3% to 2.5% interest rates with 36 months of tenure which is satisfactory as compared to other digital financial company’s interest rate. We researched about the interest rates of other competitors of Mi Credit and we got that Indiabulls Dhani charges interest rates from 1% to 3.17% with the tenure of 36 months, LazyPay charges interest rates from 1.25% to 2.3% with the tenure of 24 months and KreditBee charges interest rates from 2% to 3% with a tenure of just 6 months, that means in the category of Interest rates, Mi Credit providing us the best facility.

Note: The EMI paying date on Mi Credit is 5th of every month.

Availability Of Mi Credit Service

Where the top other competitors of Mi Credit Service such as Indiabulls Dhani and LazyPay providing their services on both the iOS and Android platforms, Mi Credit is available only to MIUI users even not for all android users which is totally a minus point. There are lots of competitors in the market that can take advantage of this, so Xiaomi has to take a step for this. Although as per a report, Xiaomi will release this service for all android users very soon and the testing version is already released, so if you don’t want to wait to use this service on your non-Xiaomi smartphone, so you can download the Apk File of Mi Credit Application from here. But remember it is not a stable version so you can face problems.

Future Of Mi Credit

In a market where many digital and non-digital finance companies are already providing their best services to customers, a new company can take a little extra effort and a little extra time to make its place. If seen, Xiaomi has succeeded in doing this, many times before but this time the situation is different this time Xiaomi launched its credit service with limited features, so it can be a bit difficult at the beginning. Where other companies in the field of finance are offering options such as “Purchase Now, Pay Later” to customers, Mi Credit doesn’t have any option like this so that customers are attracted. Although the low-interest rate is a plus point of Mi Credit, but still leaving behind those competing companies that have been tie up with many big companies, it will be very difficult. However, if we talk about a conclusion then my Opinion is that Xiaomi’s Mi Credit service will prove successful in the market and among consumers.

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So that is all about Xiaomi’s recently launched Mi Credit Service. Hopefully now you understand that what is Mi Credit Service and how you can use it, but still, if you have any questions or confusions, so you can ask us in the comments section.

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