The amount will be payable in monthly installments with the interest amount. Xiaomi in May soft-launched the Mi Credit service in partnership with Bengaluru-based startup, KrazyBee.
Mi Credit Service in India
The Mi Credit service comes up with a lot of new features. This time Xiaomi partnered with more leading brands to provide more reliability in the service. The partners include Aditya Birla Capital Personal Finance, Money View, EarlySalary, CreditVidya, and ZestMoney. The service claims to provide a loan in 5 minutes. This is just a hype or actual claim by Xiaomi, we will get to know this when we will actually use it. At this time the service is not servable in all the cities and towns in India but Xiaomi is really working hard to provide the service all over the country.
How to use it?
Interested users will have to download the Mi Credit App from Google Play Store and log in with your Mi account. And then all the initial registration and KYC by uploading your identification and address proof. After verification, add your bank account to the Mi Credit account. That’s all, you are good to go now. After approval of the loan amount, users get a repayment period of 91 days to 3 years with interest rates starting at 1.35% per month. In its app description Xiaomi explains, “For example, if the loan amount is Rs 20,000, interest charged is 16.2% per annum and the loan is to be repaid over 6 EMIs, then the overall interest payable would be Rs 937 and the EMI per month would be Rs 3423.” Additionally, users can check their credit scores within the app free of cost.
