Mi Credit service launched in India; users to get loans of up to Rs 1 lakh online

A pilot version of Mi Credit was launched last year and this time it has announced the stable version.

Xiaomi today announced its new digital money-lending service called Mi Credit in India. This service will let Xiaomi users aged 18 and above get a loan online, ranging from Rs 1,000 to 1 lakh. Users can later repay the loan in installments with interest that will be decided by the plan that you opted for. Eligibility will be notified during the process of application and there will be real-time disbursement of funds. The entire process will be online.

Image: Xiaomi

Image: Xiaomi

Xiaomi also announced that Aditya Birla Capital Personal Finance, Money View, EarlySalary, CreditVidya, and ZestMoney will be the lender for Mi Credit. As per the company, "Data privacy is of utmost importance to us, hence we have a data protection agreement with all our lenders and our data is stored in an encrypted format in Indian data centers."

A pilot version of this service was launched last year and this time the company has announced the stable version.

You can download the Mi Credit app from the Google Play Store or Xiaomi's Get Apps. The app will also let you get a free credit score rating.

How you can apply for a loan via the app

Step 1: Download and install the Mi Credit app from the Play Store

Step 2: Open the app and log in using your phone number

Step 3: Tap on "complete" beside the maximum loan amount

Step 4: Fill up all your details like PAN card number, date of birth and so on

Step 5: Tap on "Submit"

Mi Credit will then identify the best lender for you and you are good to go.

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