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Mi Credit, a digital platform for personal loans is set to be launched on December 3, 2019.
This service is introduced by the popular mobile brand Xiaomi and it will allow users to easily and instantly take loans without going through unnecessary documentation. Loan repayment is equally easy and hassle-free and there is a friendly EMI option to repay the loan with a flexible period between 3 and 12 months.
Though there isn’t any confirmed news by the company, it is also assumed that it may decide to waive off the processing fees. We will keep you updated with any confirmed news in this matter. The customers can take a maximum of Rs.100, 000 as loan via Mi Credit services. However, the interest rates may seem to be quite high at 16.2% per year.
While the details and official terms & conditions would be revealed only at the time of launching, it is assumed that the loan could be about personal needs and the company might offer some rebates if the same is used to purchase Xiaomi devices/services.
One of the major concerns of the reader might be how would the company fare in the financial services. However, the brand already has some experience in the digital payments sector as the last year it had partnered with RuPay and ICICI Bank to introduce Mi Pay Digital payment solution.
It facilitated various types of digital transactions including mobile bill payment, utility bills (Electricity, water, etc.), DTH recharge, etc. It also allowed for other collection or payment through UPI payment services.
Along with linking/delinking it also allowed for quick UPI pin modification. It is worth mentioning that the National Payments Corporation of India (NPCI) has already awarded clearance to the company which means that Xiaomi is officially authorized to function as a valid digital payment service provider in the country.