Getting a personal loan from a smartphone brand

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Getting a personal loan from a smartphone brand

Everyone knows the war of smartphones in India is getting instance every year. The brand wants to stay ahead by using several tactics. One of those tactics is offering a lending platform for ordinary people. Those lenders are Realme PaySa and Mi Credit.

Respective Realme and Xiaomi smartphones start them. In today’s blog, we will get to know their details one by one. So, if you are looking for a personal loan, these lenders might be the right choice for you, depending upon the requirements. Let’s get to know their details.

Realme PaySa

Realme PaySa is a platform where you get the loan hassled free. It covers PAN India, meaning everyone has an easy way to apply for a personal loan.

  • It offers a personal loan from Rs 8,000 to Rs 10 lakhs.
  • The rate of interest is 24% onwards.
  • The loan tenure is from 3 months to five years.
  • The processing fee depends upon the loan amount.

The eligibility criteria for Realme PaySA personal loan

  • The borrower’s minimum age should be 18 years to apply.
  • The borrower should have a steady monthly income.
  • The borrower should be an Indian resident.
  • If the borrower is living in a metro city, the minimum salary should be at least Rs 18,000. For outside the metro cities, the Income should be at least Rs 15,000 per month.

Required documents for Realme PaySa

  • Passport size photographs or a selfie
  • Identity proof ( Aadhar card, PAN card, Voter ID Card, Driving license, Passport)
  • Address proof ( Passport, Postpaid bill, electricity bill, utility bill, water bill )
  • Bank statement for the last six months

How to apply for Realme PaySa personal loan?

  • First, Install the realme paysa app from the Google play store.
  • Register on the app.
  • Look for a personal loan option.
  • Fill out the loan application form.
  • Upload the KYC documents.
  • The app will check the eligibility criteria.
  • As per borrower eligibility criteria, the loan amount is disbursed.

If you want to contact Realme PaySa customer care, call them at 022- 62661966.  Along with the loan, it also offers mobile screen insurance and free credit report. Let’s check out what Mi credit has to offer.

Mi Credit personal loan

Mi Credit is an initiative from Xiomi. Its loan is the right choice if you are looking for an easy way to get a quick loan. it is an easy choice having a quick approval process.

  • It offers a loan amount of up to Rs 2 lakh.
  • The rate of interest ranges from 1.35% to 3% monthly.
  • The loan tenure is from 91 days to 2 years.
  • The processing fee starts at 1.99%.

The eligibility criteria

  • The borrower should be above 21 years of age.
  • The borrower should have a monthly income.
  • The borrower should be a salaried individual or self-employed professional.

Required documents for Mi credit

  • The Proof of identity – Aadhar card, Voter ID card, PAN card, Driving license
  • The Proof of address – The electricity bill, utility bill, Postpaid bill
  • Bank statement and salary slips
  • Proof of Source of Income

How to apply for a Mi credit loan?

  • First, install the Mi credit app from the Google Play Store or iOS store.
  • Register on the app.
  • Upload the documents.
  • The online verification process will begin.
  • Add the bank details.
  • Once the verification is completed, the loan amount is disbursed.

Wrap up

Both lenders fantastic personal loan deals comparing to other traditional lenders. However, before you apply, do read the terms and conditions carefully. Do use the Personal loan EMI calculator to find out the monthly EMI and today payable.

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