India is on the verge to become a completely digital economy. Of course, the time it’d take to achieve the same is still uncertain. Nonetheless, the pace at which the digital payment services are becoming mainstream in the sub-continent is something that we shouldn’t unsee. To pave the way for yet another digital boost, Mi is now up with a new service monikered as Mi Credit App.
If you recall, the Mi Pay app marked the India’s No. 1 smartphone maker, for the first time, foraying into financial services in India. So, the Mi Credit app can be said as a follow-up venture to establish a firm hand in the sector.
The Mi Credit is an online marketplace for lenders with a credit limit of up to 1,00,000 Indian Rupees. As of now, the service has support from five non-banking financial companies (NBFC) and FinTech firms that includes Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya. Additionally, Xiaomi has also partnered with Experian to provide a credit score report free of cost on the Mi Credit app.
The Mi Credit App being a new entrant is restricted to just 10 states and up to 1500 pin codes. We can expect the service to become widespread as time passes. As such, Xiaomi plans on the rolling out of the service to all pin codes by the end of this financial year, March 2020.
How to apply for a loan?
Applying for a loan through Mi Credit is hassle-free and includes few steps such as uploading your KYC(Know-Your-Customer) and such and such.
- Install Mi Credit app from Google Play Store and register through Mi account or phone number
- Upload KYC documents (ID & Address Proof) & add personal details for online verification
- Add bank details to facilitate transactions
- Loan amount up to ₹1,00,000 is disbursed to your bank account quickly
Disclaimer: Do check the interest rate and other terms and services involved in the loan process.
If interested in Xiaomi’s new venture, you can install the app from Google Play Store, Xiaomi App Store or GetApps platforms for Android smartphones.
Mi Credit: Google Play Store