What is Mi Credit Loan and how to apply?

Here, we will know what is Mi Credit Loan and how can I avail Mi Credit Loan. We sometimes need a loan in life. In such a situation, we choose a company or a bank that can give us a loan at a cheaper rate and also can provide a loan quickly. In the earlier times, it used to be a bit difficult to get a loan. But now it has become very easy to apply for loans in the online era.

Also, many such companies have also come into the market which gives loans at a very cheap rate. One of them is Mi Credit Loan, today we will know about it in detail. So let's know what is MI credit loan and how to apply?

Nowadays you must have seen that when we go to buy a new phone, the shopkeeper asks for EMI instead of cash. Compared to other loan providing companies, the process of loaning MI credit is also much easier.

Also, it gets loans to customers very easily. If you do not have any information about MI credit loan then we will tell you about it. That is why it is important that you read this article till the end.


What is MI Credit Loan?

Mi Credit Loan is a service by Chinese smartphone company Xiaomi. In fact, companies are now expanding their business in view of the increasing economic needs of the people.

That's why smartphone making company Xiaomi has also entered the business of lending to customers. Xiaomi started this service in the year 2018. But there are still many people who do not know about this service properly.

Let us know that Xiaomi has started its service in the name of Mi Credit Loan itself, so that customers get loans easily. But the thing to note is that only those customers who have a phone of Xiaomi or who are customers of Xiaomi will be able to take advantage of this facility.
Be aware that earlier this feature was only for users whose smartphones have Miui mobile operating system. Which only happens in Xiaomi's smartphone.

How much loan can I get?

Through this finance platform of Xiaomi, customers can get loans ranging from Rs 1,000 to Rs 1 lakh.

In what time will you get a loan?

The interesting thing is that this service of the company provides instant loan. You will get a loan in just 10 minutes.

Xiaomi Partners

Xiaomi has partnered with Nbfc ie Non-Bank Financial Institution and Fintech companies to provide personal loan facility to the people.

It includes popular brands such as Aditya Birla Finance Limited, Money View, Earlysalary, Zestmoney and Credit Vidya.

The purpose of Mi Credit Loan Service

Xiaomi has made this service especially keeping in mind the youth. So that in the busy life of the office, they do not have to go round the banks again and again and get an instant loan sitting at home.

What is Mi Credit Loan?

Most want to know the same question whether it is completely safe to take a loan through this app? So let me tell you that, this system is completely safe. Here you can see your credit score and it is in Data Encrypted Format which is completely safe. For this, Xiaomi has partnered with Amazon Web Service Cloud Infrastructure.

How to apply for Mi Credit Loan?

So let's now know the most important thing is how to apply loan. I will tell you step by step how you will be able to apply for a loan.

  1. There is already a Mi Credit app in the phone of Xiaomi users. If not, then you can download it through Google Play Store or Get apps.
  2. After this, you will be asked for some permission which you have to allow.
  3. Then click on Get Now and enter your phone number.
  4. After this you will receive OTP on the phone. Proceed after filling OTP.
  5. In the next step you have to upload all the documents.
  6. Upload your picture too.

If you are eligible to take a loan, you will be asked for bank details. Where you will get a loan and repair.

Required documents

  1. Aadhar Card
  2. Pan Card
  3. Andres proof
  4. Bank account
  5. passport photo

After creating your profile, you will be able to see your Cibil Score, based on which you will decide how much loan you can take.

What is Cibil Score?

In this, you have the most details of loan account, payment status, how many days are left in repaying them. That is, your previous record is checked.

So that the company can trust you that you will repay the loan amount. Scores of scores range between 300 and 900 and the higher the score, the higher the chances of taking loans.

How much rate of interest is the loan?

The company has fixed interest rates of 1.3% to 2.5% per month. Apart from this, the rate of interest depends on the amount and repair of the loan taken.

When do I have to pay EMI?

The EMI has to be filed on the fifth day of each month.

Xiaomi's repair period

91 days to 3 years. That is, whatever loan you have taken, you have to repay for such a period of time as instructed.


Hopefully, we can give you complete information of Mi Credit Loan in this article. What is mi credit loan, how to apply, what are the required documents, what is the rate of interest etc.

You have got all this information. So now you can easily take an instant loan by understanding from this post. If you have any question about this, then you can ask your question in the comment section below.

Based on the CIBIL score, it is decided whether the customer is given a loan or not. A report is prepared on the basis of the score, which contains your complete credit history.

What is Mi Credit Loan and how to apply? What is Mi Credit Loan and how to apply? Reviewed by Admin on June 06, 2018 Rating: 5


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