Xiaomi India has just announced the launch of its new financial service, the Mi Credit app. After successfully creating an ecosystem in the country with a wide range of portfolio, the company is now hitting the financial sector. While the company launched its Mi Pay app based on the UPI system quite some time ago, with the new Mi Credit app, the company will provide instant loans to the users.
Xiaomi's Mi Credit app was launched in India in early 2019. The company has re-launched the app now after they revealed that loans of up to Rs. 28 crores have been disbursed to date. Also, it is worth noting that 20 per cent of those users opted for the highest available loan amount. Just like its other devices and services, the Mi Credit is also aimed towards the youth of India. The app depends on a completely digital process for providing loans to users. Currently, the app allows you to take a loan of up to Rs. 1 lakh using the service. The loan amount will be instantly credited to the linked bank account.
While the company promises an instant process, you will still need to go through a KYC process, which can take up to 5 minutes. Once the KYC process is successful, you can apply for a loan for up to Rs. 1 lakh and select the tenure and repayment period accordingly. The Mi Credit app allows a maximum tenure of 36 months or 3 years with the interest rate of up to 2.5% per month.
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