Xiaomi Mi Credit Service app offers quick personal loans to MIUI users | Apps

Xiaomi is one of the top brands in the Indian smartphone market arena. After grabbing the sweet spot in the mobile segment, the company has started focusing on other product categories. One such category is the financial sector.

Back in May, Xiaomi announced the Mi Credit Service in collaboration with KreditBee. The latter is an online lending platform facilitating quick and easy personal loans. This credit platform is for the young professionals who seek to get instant personal loans for a short time period. Basically, it is something that works as a salary advance facility for low amounts with low interest rates.

Mi Credit Service now available

This credit facility comes as an app on MIUI. The Mi Credit app can be downloaded on the Xiaomi devices running the custom ROM letting users avail personal loans. What the users need to know is that Xiaomi will not provide the loan for them. It will just act as a mediator linking the users and the loan provider.

KreditBee users have to complete the KYC authorization, which is an online process in order to get the loan disbursed. The funds will be transferred directly to the users' bank account starting 1.8% per month interest rate.

How does it work?

Both Xiaomi and KreditBee have teamed up to offer loan amounts ranging from Rs. 1,000 to Rs. 1,00,000. The loan will be processed in less than 10 minutes after the KYC verification. The website will list the names of the agents providing the loan.

As mentioned above, only the users of Xiaomi devices running MIUI will be eligible to avail the loan from KreditBee via the Mi Credit app. The users of Xiaomi Mi A1 and Mi A2 that belong to the Android One program cannot enjoy the benefits of this service.