Through this article today, we are going to give you complete information about How to take Loan from Mi credit App. In this article, you will get to know about eligibility for MI Credit loan, documents required, loan amount, interest rate, tenure, fees and charges etc.
If you are thinking of taking a loan from MI Credit, then first read this article completely, in addition to the above-mentioned information, you will also be given other types of information such as whether MI Credit is safe or not, which people from MI Credit get a loan. Let’s start this article without delay friends
What is MI Credit?
MI Credit is an application providing Personal Loan (Instant Personal) and Business Loan. This application was launched by Smartphone maker Xiaomi. On MI Credit, you can take a loan of up to 5 lakhs at low interest rates. On taking a loan from MI Credit, you can get the loan amount directly in the bank.
Earlier, only users of Xiaomi devices could take loan from MI Credit, but now any Smartphone user can apply for loan from MI Credit App.
MI Credit is a secure application that keeps all the information given by you safe. If we talk about Play Store, then MI Credit has a rating of 4.3 and more than 5 million people have installed it on their mobile.
How To Take Loan From Mi Credit App Step By Step.
It is very easy to apply for a personal loan on MI Credit App, but if you are facing any problem then follow the steps given below –
Step 1 – First of all you download MI Credit Application from Play Store, and install it in your mobile.
Step 3 – Allow whatever permission the MI Credit App asks for from you.
Step 4 – After this enter your 10 digit mobile number and click on Next, and an OTP will come on the number entered by you, enter it and click on Next. After following this process, your account will be created on MI Credit App.
Step 5 – To apply for the loan, click on the Get Now option. And select the type of loan you want Business or Personal.
(If you work on salary then click on Salaried option and if you do your own work then select Self Employed option and click on Confirm option.)
Step 6 – After this a new form will open in front of you in which you fill the following details in order.
- Reason for taking loan
- Loan amount
- PAN number
- Your name as on PAN card.
- Date of birth which is on PAN card.
- Monthly Earnings
- your mobile number
- Email ID
- Pin code of where you are now living
Step 7 – After filling all these details, click on the Continue option.
Step 8 – Upload the KYC document PAN card and Aadhar card on most Mi Credit Loan app and also fill the details of your bank in which the loan amount will come.
Step 9 – If you are found eligible for the loan, then the loan amount is transferred to your bank account in no time. By following this simple process, you can take a loan from MI Credit App.
Eligibility for taking MI Credit Loan
Whenever you apply for a loan from any bank or financial institutions, everyone has their own eligibility criteria. When you apply for loan on MI Credit also, then it also has some eligibility criteria which are as follows –
- Your citizenship should be Indian, only then you can apply for loan in MI Credit.
- MI Credit also provides loans to persons above the age of 21 years.
- To take a loan from MI Credit, you must have a source of income.
Required Documents for MI Credit Loan
Very few documents are required for MI Credit loan, you only need some basic documents to take loan from MI Credit. To take a loan from MI Credit, you will need the following documents.
- Identity Card – In which you can use your PAN card.
- Residence Certificate – As a residence certificate, you can use documents like Aadhar Card, Voter ID Card, Driving License, Passport, etc., in which your Current Address Mention is kept.
- Income proof – You can use salary slip or your bank statement as income proof.
- passport size photo
How much loan will be available from MI Credit (Loan Amount)
If we talk about the loan amount on MI Credit App, then you can take a personal loan from here from 5000 to 5 lakh rupees. Which is a good loan amount as compared to other applications. If you talk about business loan, then you can take a business loan up to Rs 25 lakh from MI Credit.
How much interest is charged on MI Credit loan (Rate of Interest)
On taking a loan from MI Credit App, you can get interest ranging from 16.2 percent to 36 percent per annum. MI Credit provides you the best loan offer based on your profile eligibility. When you apply for a loan on MI Credit, then definitely find out the rate of interest.
For how long the loan will be available from MI Credit (Tenure)
Talking about Tenure on MI Credit App, you get a loan on Tenure ranging from 91 days to 2 years. If your loan amount is high, then you also get more time to make repayment.
Fees and Charges on MI Credit Loan
You have to pay the following charges and fees on MI Credit loan –
- Processing fees with GST
- Late Payment Charge – If you do not pay your EMI on time then you will also have to pay Late Payment Charge.
Example Of MI Credit Loan
Let us understand MI Credit loan through an example so that it can be easy for you to take loan from here –
Suppose you take a personal loan of 20 thousand from MI Credit on a tenure of 6 months, you get this loan with an interest rate of 16.2 percent. So you have to pay the Processing Fee of Rs 472 along with GST. In this way a total amount of Rs. 19528 will be distributed to you. And you have to repay Rs 20956 on EMI of 3493.
- Loan Amount – 20,000
- Tenure – 6 Month
- Rate of Interest – 16.2%
- Processing Fees – 400
- GST – 472
- Total Interest – 956
- Disbursed Amount – 19528
- EMI – 3493
- Repayment – 20956
Through this example, it will be easy for you to understand about MI Credit loan.
Features of MI Credit Personal Loan
Following are the features of MI Credit loan –
- With MI Credit, you can take a personal loan up to Rs 5 lakh, which is a good amount as compared to other loan applications.
- You get MI Credit loan at good interest rate.
- MI Credit lets you choose the tenure of EMI.
- If you meet the eligibility criteria of MI Credit, then immediately the loan amount is transferred to your bank account.
- You need very few documents to take loan from MI Credit.
- No paperwork is required to take a loan from MI Credit.
- The process of taking loan from MI Credit is 100% online, in which you can apply for loan sitting at home.
- MI Credit App is very secure, whatever information you give while taking a loan, it remains completely safe.
- MI Credit provides loan all over India.
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MI Credit Contact Details and Customer Care Number
If you have any kind of problem in taking loan on MI Credit, then you can contact MI Credit in the following way –
|Customer Care Number||1800-258-6286 (Monday- Sunday, 8 am to– 11 pm)|
|Customer Service Emailemail@example.com|
|Office Address||Orchid Block E, Ground Floor to 4th Floor, Embasy Tech Village, Marathahalli,, SARJAPURA OUTER RING ROAD, Bangalore, Karnataka, India.|
Through this article, we have told you the complete information about How to take Loan from Mi credit App in very easy words. If you face any problem in taking loan from MI Credit, then you can talk to the customer care of MI Credit. And you can get more loan in easy installments.
We hope that you must have liked this article written by us, do share this article with your friends who are in need of instant personal loan.
FAQs related to MI Credit App Loan
If I do not have a Xiaomi company mobile, can I take a loan from MI Credit?
Yes, even if you do not have a Xiaomi mobile, you can take a loan from MI Credit.
Is MI Credit safe?
The company claims that it is absolutely safe to take a loan from us. This application has a rating of 4.3 in the Play Store, from which it can be estimated that the MI Credit application is safe.
How much loan can be taken from MI Credit?
You can take a loan of 5 thousand to 5 lakh rupees from MI Credit App.
Who can take loan from MI Credit App?
With MI Credit, all those people of India who are above 21 years of age and who have any source of income can apply for the loan.
Is there any type of security required to take a loan from MI Credit?
No, you do not need to mortgage any kind of security, collateral or property to take a loan on MI Credit.