Mi Credit, Xiaomi’s loan service based App will launch in India on December 3rd after a long wait since its creation in May last year. Based on the sources, Xiaomi has partnered with the loan-credit facility KrazyBee who are located in Bangalore. The formal launch will take place tomorrow and it will join a set of other Apps that give online services to the Indian users.
Important thing to note is that Mi Credit itself does not lend loan amount to the users. But it acts as a middle ground via which the users will be directed to the actual loan services and avail instant loans with ease. Basically, the user on Mi Credit will be connected to a loan service where they can get avail loan in the range of Rs 1,000 to Rs 1,00,000. Once the loan is taken, the users can repay them in easy installments with an interest rate similar to most of the other online loan Apps.
If you are still confused about this, you need to first install the Mi credit App from the Google Play Store. People above the age of 18 years can apply for loans on Mi Credit and can receive the amount up to 1 lakh rupees. The Play Store description reads as: For example, if the loan amount is ₹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 ₹937 and the EMI per month would be ₹3423
The first time user will only have to take a few minutes for registering on the Mi Credit App with along with their KYC documents – ID and address proof and personal details for online verification.