Expanding its portfolio of value-added internet services, Xiaomi launched its own Mi Credit instant loan platform in India. The platform lists financial loan providers that MIUI users can access to apply for quick loans.
MIUI users can avail personal loans of Rs 1,000 to Rs 1 lakh from the only loan provider listed on Mi Credit, Kreditbee. Xiaomi claims that loans can be initiated in 10 minutes through Mi Credit with a simple KYC verification. All loan verifications and entry of user information are done on partner platforms, while Mi Credit only lists loan providers.
“Xiaomi provides internet services to provide our users with a full mobile internet experience, and MIUI operates as an open platform to enable us to provide our wide range of internet services, such as content, entertainment, financial services and productivity tools. The connectivity between our devices and the seamless integration between hardware and Internet services allows us to offer our users a better user experience. Mi Credit is another important step in the introduction of a service Internet is important in India and we hope our users can really benefit from it as the service becomes more sophisticated, âsaid Manu Jain, vice president of Xiaomi.
Notably, Kreditbee is the only loan provider listed on Mi Credit. While Xiaomi’s lending platform is exclusive to MIUI users, Kreditbee alone is available in the Android ecosystem through its mobile app, and is expected to hit the iOS platform shortly. So even non-MIUI users can also avail Kreditbee loans.
Everything you need to know before getting a loan from Kreditbee
Kreditbee is called an instant personal loan platform for young professionals which offers them a payday advance of up to Rs 1 lakh with different repayment terms. The first is a personal loan between Rs 1,000 and Rs 9,900 which must be repaid within 15 days of the loan processing date. The next is a short term personal loan from Rs 10,000 to Rs 1 lakh. The loan repayment term varies from 30 days to 90 days, depending on the loan amount.
The Mi Credit website lists the monthly interest rate at 3% for loans up to Rs 1 lakh from Kreditbee. âFor 15-day loan products Rs 1,000-9,900, we charge a fixed interest of 1.48% (annualized interest rate: 36% per annum). For loan products 30-90 days from Rs 10,000 to Rs 1 lakh, we charge an annualized interest rate of 36% per annum, âsays Kreditbee.
Kreditbee also charges processing fees ranging from Rs 100 to Rs 1000 depending on the loan amount. These processing fees are deducted in advance from the loan amount and before they are paid into the account of the loan seeker.