How to repay Xiaomi Finance loan?

Xiaomi Finance is a pure credit lending service application. Xiaomi users can apply online using Xiaomi mobile phones. When the loan is eventually repaid, how will the Xiaomi Finance loan be repaid?

1. Interest calculation The expected annual interest rate of Xiaomi loans is calculated at 0.05% per day. Interest will be calculated from the day the loan is issued, and no interest will be calculated on the day of repayment. If the principal or interest is already overdue, the overdue expected annualized interest rate for the overdue portion of principal or interest is 1.5 times the expected annualized interest rate for normal loans, which is 0.075% per day.

2. The repayment date for Xiaomi loans is the 10th of each month. If the loan is successfully applied for from the 1st to the 31st of the month, October of the following month will be the first repayment date for the loan. By analogy, each loan has a maximum of 6 installments. If there are multiple loans, all the amounts that should be repaid on that day will be calculated on the repayment date, which is the amount that should be repaid on that repayment day.

3. Repayment method Xiaomi Loan supports six installments of loans. The repayment method is monthly interest payment and principal repayment upon maturity. That is, the first 5 installments of the 6-term loan only require the payment of interest generated by the loan each month, and the last installment requires the payment of the last month's interest and loan principal.

4. Early repayment Starting from the second day after the loan is successful, you can repay in advance at any time. The interest payable is calculated based on the number of days used up to the day of repayment.

5. Repayment when due On the 10th of each month, on the repayment period, you can repay the current loan through the repayment button of the repayment plan on the loan homepage.

6. Overdue If the loan is not repaid within the specified latest repayment time, penalty interest will be calculated from the next day. The expected annualized interest rate of penalty interest is times the expected annualized interest rate of the loan and will affect your credit. Please be sure to repay or top up the loan to the corresponding bank card before the loan expires to avoid affecting your creditworthiness. If you cannot repay on time due to special reasons, please contact our customer service in advance for assistance.