Personal Loan Upto 1 lakh with Xiaomi india | Non-Collateral Loan | Instant Loan within 5 minutes

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Overview of this post :-

  1. Introduction. What is Mi Credit and KreditBee.
  2. How to Create KreditBee Account.
  3. Apply for a loan with KreditBee.
  4. Interest, Processing fees and other Charges


With Xiaomi ‘Mi Credit’ service you can apply for a personal loan between Rs 1,000 to 1 lakh in india. Mi Credit is a financial service by Xiaomi that lets MIUI users to apply for a instant loan. The service is available in partnership with KreditBee, KreditBee is a platform that offers instant personal loans, that is aimed at young professionals.

Loan can be initiated in less than 10 minutes with a simple KYC verification. all you need is your Aadhaar Card and PAN Card.

Ok so in this post i am gonna tell you how you can create a account and apply for instant loan step by step. Interest rate, Repayment Period, Processing fee, Late Repayment charges. As these fees are different for different loan amounts. So first see how to create account:-

Create KreditBee Account:-

STEP-1 If you MIUI user you can simply download KreditBee app from play store.

Step-2 You will have to Login with your facebook id.

STEP-3 It will ask you for your mobile no. Remember to give that number which is linked to your Aadhaar. it is very important because in later stages when you apply for a loan, OTP will be sent to your aadhaar linked mobile number for EKYC and E-signing purpose.

you will have to fill out your details, name address PAN, aadhaar number, your income etc ( you will get loan limit according to your income and your past timely Repayment ). you will have to add your bank detail too, in this bank you will get your loan amount, so careful when you add your bank.

Next part is little bit tricky. but you’ll do it easily. you will have to take pics of yourself, your aadhaar card, and your Pan card. KreditBee will review your Documents and setup your account. now you are eligible to apply for loan.

Apply for a Loan :-

STEP-1 This is how your KreditBee account gonna look like. You can see your eligible credit limit. some amounts are locked. They will unlock after you repay for your lower loan first. Lets apply for 1500 Rupee loan. Click on Get Now.

STEP-2 You will see detail of your loan amount. your processing fee, GST, interest, repayment date and amount. so basically you will get 1347 rupee and you have to repay 1522 rupee. ( Note:- when you repay online Payment gateway like CCAvenue, Mobikwik etc, also deduct some fee. i had to repay total 1529 )

STEP-3 Now you will see your Bank account detail. In this bank account you will get your loan amount. you can also change your bank account by clicking on ‘ Add Saving Bank Account ‘. if you are happy with your bank detail click ‘ i confirm’ then click ‘Continue to Sign Agreement’. and in next page click ‘E-sign via Digio’.

STEP-4 KreditBee will send you an OTP on your mobile number. Type it and click Submit. On next page it will show you all details. check it and then click Sign Now.

STEP-5 You have to enter your aadhaar no, Tick on confirmation then click on Request OTP. You will get an OTP on your aadhaar linked mobile number. Type it and Submit.

That is it. your loan will be processed in few minutes. you will get your loan in your bank account in few minutes. i got my loan amount in my bank account in just 1 minute. ( see the pics below )

For Repayment of your loan. you can click the repayment option in your KreditBee app.

Lets Talk about Fees (As of Date 22-sep-2018 ):-

1) Interest charges:-

 Interest Rate
15-day Loan Products from Rs. 1,000 to Rs. 8,000Flat rate of 1.48% per month. ( Annual interest rate 36 % )
30-90 day Loan products ranging from Rs. 10,000 to Rs. 1,00,000Annual interest rate 36 %

2) Processing Fees :-

Loan Amount ( Rs. )Fee ( Rs. )
1,000 - 2,900130
3,000 - 3,400260
3500 - 4,900300
5,000 - 5,900450
6,000 - 7,900530
8,000 - 9,900700
10,000 - 1,00,0001000

Note:- GST @18% applicable on processing fee.

3) Late Payment Charges :-

Penalty charges for our 15-day Loan Products ranging from 1,000 – 8,000:

30-90 day Loan Products on loan amounts ranging from 10,000 – 1,00,000: One-time overdue charge of 500 and a per-day penalty charge of 0.2% of the loan amount.

4) Convenience fees :- When you repay your payment, payment gateway such as Mobikwik or BillDesk payment gateway, charge you some fee.

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