India’s leading mobile manufacturer, giant of mobile and technology industry recently steps in to financial industry, recently Xiaomi Inc launched MI credit app.
Now the people can avail instance personal loan by applying through MI credit app
Key features of MI credit app:
- Easily can be applied from mobile
- Almost real time disbursements
- Attractive rate of interest starts at 1.8% PM
- Highly safe, data provided by you is totally secured
- One can get up to Rs 1 lac
- Minimum documentations
- No collateral required to process loan, only PAN, address proof and Income proof required along with bank details
Mi Credit app is already loaded in MIUI phones and can be downloaded from Play Store, There is a huge market of digital loan and its expanding day by day, now people wants real time solution and fully digital experience, people are ready to pay a little bit more but need instant credit when they needed, Xiaomi understands its better and trying to incash the opportunity although this is not going to be easy task for MI Credit as there are many other players in the market like Dhani app there is tough competition for Xiaomi
Mi Credit is the second financial product earlier Xiaomi launched MI pay which is a UPI based payment app
The service of MI credit is available in 10 states and 1500 PIN codes of India, the aim do company is be present in 100% pin codes if India in next one year.
How to apply loan through MI Credit:
- Download MI credit app from play store
- Install the app and give the necessary permissions
- Next step: Now click on get now and enter your contact number.
- An OTP will be sent to your number enter it and click verify
- Now you have to upload required documents
- Upload a selfie of yours
- A profile will be crested based on info provided by you
- If you are eligible you will be asked to upload the bank details
- If every thing is good then the loan will be disbursed in real time, although in few cases it takes few mins to few hours
Some fact must know about MI Credit App:
- One can avail loan maximum up to only 100000 from MI credit app
- Interest rate varies from 1.3 to 2.5 per month based on loan amount, tenure, profile of customer, risk segment and CIBIL score
- Maximum tenure that one can avail is max up to 3 years
- Following docs are must to avail the loan though the mi credit
- PAN, address proof, income proof, bank details, selfie
- Repayment date of EMI will be 5th of each month
- No collateral required to apply loan
- There will be processing fee to avail this loan
Why you should go for MI credit to avail loan:
- Highly secured and user data id encrypted and stored in India
- Real time disbursement
- Fully digital experience no paper work at all
- Flexible tenure maximum up to 3 years
- Competitive interest rates in comparison to other digital lending platform
Xiaomi is known for its aggressive low pricing and high-quality services, there are already many players in the field of such app based digital loan, the aim of xiaomi is to penetrate the market better and increase its market share from the existing customer and to pull maximum people towards Mi credit app who are in need of loan and avoid the regular banking channel as its takes a lot of time,let us see how can company do better in this field
Expert Opinion from Mr. Banker:
When thesis.com team talked to many finance and banking expert and asked what they think about MI Credit app, there was common opinion about MI credit was: Rate in interest is higher in comparison with loan from regular banks, but as its totally digitized and provide facility of real time disbursement it can be great helpful for those who are in urgent need of money/liquidity.
If one is running out of money then definitely go for it, but if you have time you have enough time then you should go through regular banking channel as interest rates are economical in comparison with such digital platform.
Few Other digital app-based loan providers:
These are few other names in the field of app-based loan application platform, part from these there are many other application-based loan providers.