What is Mi Credit and How to Use It – After disrupting the electronics market in India with smartphones, TVs, and whatnot, Xiaomi has entered the financial space with two new services; Mi Pay and Mi Credit. While Mi Pay is based on UPI for payments and prepaid services, Mi Credit is for lending money. Mi Credit was announced in September last year, which was available to select MIUI users to test the market response. Now Xiaomi has launched the Mi Credit app to all Xiaomi users running MIUI. Mi Credit will allow consumers to borrow personal loan up to 1 lakh rupees instantly into their bank account, and the process is entirely digital. In this article, we are going to tell you all about Mi Credit and how you can use it get instant loan.

What is Mi Credit?

Mi Credit is a personal financing service where consumers can take a loan through their mobile phones and pay back in monthly installments. It’s just like the traditional banks, but the process is completely digital and the loan disbursement is instant. Here are the important points that you need to know about the service before using it.

  •  Mi Credit is a secure, instant personal loan service by Xiaomi.
  • It’s available to all Xiaomi users running MIUI.
  • You can take loan up to 1 lakh rupees with real-time disbursement.
  • The interest rate vary from 1.3% to 2.5% per month. The maximum loan tenure is 36 months.
  • You will need to provide your PAN, address proof, income source, and bank account details.
  • You will have to pay the EMI by 5th of every month.
  • The loan is collateral free which means you don’t have to provide any kind of security in terms of property. However, you will have to pay a processing fee to avail the loan

How to Use Mi Credit

1. Open Mi Apps on your Xiaomi device and search Mi Credit. Now, install the app.

How to Use Mi Credit

2. Launch Mi Credit app and go through the welcome screen. After that, grant all the permissions.

How to Use Mi Credit 2

3. On the next screen, tap on the Get Now button and provide your phone number. Now enter the OTP and proceed.

How to Use Mi Credit 3

4. Here, you will have to enter all the required documents. First, scan your PAN document and enter your details. After that, scan and enter your address proof document.


5. Finally, upload your selfie and then proceed. Your loan profile will be created and will be checked for eligibility.


6. If you are eligible, it will let you proceed ahead with further documentation like bank account and salary details. After that, you will be able to initiate the disbursement directly to your bank account.

Mi Credit Interest Rate

In terms of monthly interest rates, Indiabulls Dhani charges interest from 1% to 3.17% with maximum tenure of 36 months; KreditBee interest rate ranges from 2% to 3% with a maximum tenure of just 6 months; and LazyPay charges interest from 1.25% to 2.3% with a maximum tenure of 24 months. As we can see, Mi Credit is better positioned here with 1.3% to 2.5% interest rates with 36 months of tenure. Nonetheless, Xiaomi has to fight these players with a low processing fee, and better customer service to create a loyal customer base.

Integration with other Services

Coming to tie-ups with e-commerce services like food delivery, taxi, and shopping, LazyPay wins hands down. It has integration with MakeMyTrip, Flipkart, Swiggy, BookMyShow, and other popular services. Whereas, Mi Credit, Indiabulls Dhani or KreditBee don’t offer any kind of pay later option with its line of credit. In the future, we hope Mi Credit expands its footstep and ropes in various services under its umbrella.