Xiaomi’s New Mi Credit Service Provides Instant Loans Up To Rs 1 Lakh In India, But There Is A Snag

Xiaomi has partnered with Bengaluru-based KreditBee instant personal loan platform to launch Mi Credit, Xiaomi’s third value-added internet service in the country after Mi Music and Mi Video. Via the Mi Credit platform, Xiaomi will provide personal loans from Rs. 1,000 up to Rs. 1,000,000 and will only require users to submit their PAN and Aadhaar card details.

The Mi Credit portal will offer personal loans at an interest rate of 3% per month, with a loan term ranging from 15 to 90 days. Xiaomi claims that users will be able to get a personal loan approved in just 10 minutes, and once approved, the loan will go directly to the user’s bank account. Redemption is also quite straightforward, with the platform allowing users to make easy payments through KreditBee’s payment gateway.

However, the Mi Credit service is simply not available to everyone. The service is only available to MIUI users and the website will not start processing the loan application until it identifies the applicant’s device.

At first, when we tried to submit a loan application on our desktop, the “Get a loan now” button was not responding. While trying on a non-MIUI device, we encountered the same result and the button was left inactive. Using a MIUI device seemed to do the trick and we were instantly redirected to KreditBee’s portal for loan approval.

Applying for a personal loan on the platform is also quite simple. You just need to enter some personal information, verify your phone number and verify if you are eligible for a personal loan. The app takes a few minutes to verify your eligibility and then shows you the maximum amount you can borrow from Mi Credit.

Regarding the Mi Credit service, Manu Kumar Jain, Vice President of Xiaomi and General Manager of Xiaomi India, said: “The connectivity between our devices and the seamless integration between hardware and Internet services allow us to provide our users with a better user experience. Mi Credit is another important step in the introduction of a major internet service in India and we hope our users can really benefit from it as the service becomes more sophisticated.”