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After the success of its pilot programme in India, Xiaomi is back with its digital lending platform <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. Through the app, the company provides instant loans up to ₹1 lakh to users within five minutes. Earlier, Xiaomi had partnered with KreditBee to disburse loans. This time around, it has partnered with Aditya Birla Finance, Money View, EarlySalary, CreditVidya and ZestMoney. Xiaomi is providing real-time disbursements and supports all major banks on its platform. How to avail an <keyword id="4381247" type="PERSON" weightage="20" keywordseo="instant-loan">instant loan</keyword> from Mi Credit The loan application process is 100% digital and takes just five minutes. Just follow the below steps to avail a loan up to ₹1 lakh from Mi Credit: <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li><li>Once you sign in, you will see a banner that says, ‘Maximum loan amount ₹1,00,000’.</li><li>Click on the ‘Complete’ button.</li><li>Now, enter the required information such as your name, gender, date of birth, email ID, PAN number and pin code.</li><li>Agree to the terms and conditions at the end and click on ‘Submit’.</li><li>You will then be asked to submit your address proof and a selfie as part of KYC.</li><li>A loan profile will inform you whether you are eligible for a loan.</li><li>If you are eligible, you will be asked to submit your bank account details and the loan will be disbursed to your account.</li></ul>How to check your credit score on Mi Credit app In addition to availing an instant loan, you can also check your credit score on the Mi Credit app for free. <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li></ul><ul><li>At the bottom bar, click on ‘Profile’.</li><li>Now, click on ‘Credit Report’.</li><li>Provide the required details, including your PAN number.</li><li>Agree to the terms and conditions at the bottom and click on ‘Submit’.</li></ul>Once your credit report is ready, it will be sent to your registered email address.

Here’s how you can avail an instant loan from Mi Credit

The country's largest lender, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) has warned customers against instant loan apps and even suggested measures to safeguard against the menace. "Please refrain from clicking on suspicious links or giving your information to a company posing as a <keyword id="15606804" type="General" weightage="50" keywordseo="bank-or-financial-company" source="Orion">Bank or Financial Company</keyword>. Report cybercrimes at cybercrime.gov.in," the bank tweeted. Instant loan apps, especially those originating from China have been a menace as the government as well as the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>), have received several complaints against them. Their proliferation has led to increased cases of cybercrime and also extortion of hapless borrowers. Sharing some safety tips, the SBI suggested that it is always better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts. Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorised apps, the SBI said. Check the app permission settings to secure your data from getting stolen and in case of theft, such matters should be reported to the local police authorities, the bank cautioned further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a>

SBI warns customers against instant loan apps

More than one in two Indian consumers who use instant loan apps are facing very high interest charges, extortion and <keyword id="6355729" type="General" weightage="20" keywordseo="data" source="Orion">data</keyword> misuse, as the Reserve Bank of India (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) takes a tough stand against unregistered digital loan lending apps, a new report showed on Tuesday. While 58 per cent of citizens said when they or someone in their family/ household staff took a loan using instant loan apps in the past two years, they were charged annual interest of over 25 per cent. Over 54 per cent of citizens surveyed experienced extortion or data misuse during the collection process, according to the report by community social media platform LocalCircles. The platform on Tuesday wrote to the RBI Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> and IT Minister <keyword id="7787429" type="General" weightage="80" keywordseo="ashwini-vaishnav" source="Orion">Ashwini Vaishnav</keyword>, requesting them to take cognizance of the survey findings and take further action on such instant loan apps. According to MeitY, it has blocked 27 such fraudulent instant loan apps. The RBI has also disallowed non-bank prepaid payment instruments (PPIs) from loading credit. "The PPI-MD (PPI-master direction) does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007," according to the latest RBI directive. The Maharashtra police cyber crime team recently wrote to Google Play Store, asking to remove 69 loan apps after receiving hundreds of complaints of harassment and threats made by fraudulent loan recovery agents to customers. India has witnessed an emergence of instant loan providers through smartphone-enabled fintech lending companies to help people meet shortages of funds. Some instant loan apps, according to consumers, charge as much as a 500 per cent interest rate and use extortion methods to collect money from borrowers or loan defaulters, according to LocalCircles. "Some citizens also claim to be getting phone calls for repayment of loans taken over a year ago, even though they have paid the amount taken or more," the report mentioned. On the other hand, there are many reports of borrowers' personal information, including <keyword id="144117" type="General" weightage="80" keywordseo="aadhaar" source="Orion">Aadhaar</keyword> card, PAN card, etc. being shared with third-party platforms. "People have also reported in a few cases, how their parents in a different location received messages about the loan payment which they had already made some time back," the report noted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms">If you thought techies got the biggest hikes last year, think again...</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/big-tech-should-obey-the-law-of-the-land-says-india-after-twitter-goes-to-court/articleshow/92689452.cms">Big Tech should obey the law of the land says India, after Twitter goes to court</a>

One in two Indians face extortion and data misuse thanks to instant loan apps

<ul><li><keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> launched WhatsApp banking services amid the Coronavirus lockdown.</li><li>The WhatsApp banking service allows users to avail several banking services while sitting at home.</li><li>Customers can view their balance, transaction history, credit card bill, etc.</li></ul>ICICI Bank announced the launch of banking services over the popular messaging app WhatsApp amid the nationwide lockdown to help its customers. The service is available to the bank’s retail customers and allows them to check their savings account balance, view the last three transactions, check their credit card limit, get details of pre-approved loans and block/unblock debit and credit cards. “We have introduced this service on WhatsApp, one of the most popular instant messaging applications in the world. Our retail customers can execute a host of their banking requirements on their own, without visiting a branch. The services are instantaneous and secure,” said Anup Bagchi, executive director of ICICI Bank. How to use ICICI WhatsApp banking To begin your chat with ICICI Bank, save the bank’s number – 9324953001 and send the message ‘Hi’ on WhatsApp from your registered mobile number. The bank will then reply with a list of available services. <div type="image" title="ICICI Bank" msid="74909503" hostid="261"></div> Services available through ICICI WhatsApp banking Check account balance To check your account balance, you can type the following keywords – ‘balance’, ‘bal’ and ‘ac bal’. View last 3 transactions To view the last 3 transactions on your account, type the following keywords – ‘transaction’, ‘history’ and ‘stmt’. Get the nearest ICICI Bank ATM and branch details To get information about the nearest ICICI Bank ATM and branch, type – ‘ATM’ and ‘branch’. View available credit limit and outstanding balance To view your available credit limit and outstanding balance, type – ‘cc limit’, ‘cc balance’ and ‘limit’. To block/unblock debit and credit cards To block or unblock your ICICI Bank debit or credit card, type – ‘block’, ‘unblock’ and ‘lost my card’ and follow the instructions. Get information about pre-approved instant loans To get information about pre-approved instant loans, type the keywords – ‘loan’, ‘home loan’, ‘instant loan’ and ‘personal loan’. Get information about available offers To get information about offers available to you, type – ‘offers’ and ‘discounts’. See also: <a href="https://www.businessinsider.in/business/telecom/news/how-reliance-jio-users-can-recharge-their-mobile-number-from-atm/articleshow/74885822.cms">Reliance Jio users can now recharge at bank ATMs, here’s how to do it</a> <a href="https://www.businessinsider.in/sports/news/list-of-indian-cricketers-coronavirus-donation/articleshow/74893037.cms">Rohit Sharma, Virat Kohli join the list of cricketers who have donated to fight Coronavirus</a> <a href="https://www.businessinsider.in/business/corporates/article/share-price-of-hdfc-bank-axis-bank-sbi-and-others-with-biggest-personal-loans-home-loans-and-auto-loans/articleshow/74907443.cms">Top Indian banks with the biggest chunks of loans to individual borrowers⁠— and coronavirus has triggered a huge risk</a>

ICICI Bank launched WhatsApp banking services amid the Coronavirus lockdown

It isn’t rocket science to know that you can buy expensive electronics stores by taking instant <keyword id="6360217" type="PERSON" weightage="20" keywordseo="Loan">loan</keyword>s. However, not everyone can get a loan instantly. There are a few things that you need to do in order to buy those fancy electronics through EMIs. BI India lists down those few important things to do before you apply for a loan at the electronics store. 
	 
	Keep track of EMIs and credit cards 
	 “Keep a regular check on all the loans and credit cards and ensure to make payments on them before the due date month-on-month,” suggested Harshala Chandorkar, COO, <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword>. 
	 
	Set payment alerts 
	 
	She also advises that in order to better manage payments of credit card bills, one should set up an alerts that can constantly remind you of the dues. 
	 
	Guaranteed loans: 
	 Its always best to keep track of your guaranteed loans and make timely payments. “The guarantors <keyword id="2796743" type="UNKNOWN" weightage="20" keywordseo="CIBIL-TransUnion">CIBIL TransUnion</keyword> Score gets impacted if there is a delinquency or default on the loan repayments by the principal borrower,” she said. 
	 
	Review CIBIL Report and CIBIL Transunion Score 
	 
	Before applying for any loan, credit card or finance for electronic goods ensure to check your CIBIL Report and CIBIL TransUnion Score. This practice will help you avoid any unpleasant circumstances in the form of loan rejection. You can always work towards improving your credit history and CIBIL TransUnion Score in case it is low and apply for loans or finance opportunities once it improves.

Now you can get easy loans at an electronics store if you follow these tips

New Delhi, Nov 15 () ICICI Bank on Friday said it will organise 2,000 major loan camps this fiscal for on-the-spot approvals and exclusive manufacturer-led offers at semi urban and rural locations as well as corporate premises.
The launch of 'Maha Loan Dhamaka' is an initiative to provide a bouquet of on-the-spot loan approvals and exclusive manufacturer-led offers, including Hyundai Motors India, in semi urban and rural locations, and at large corporate premises to individuals, including non-customers of the bank.
The bank will host around 2,000 such 'Maha Loan' camps across the country by end of March 2020, ICICI Bank said in a release.
The private sector lender said it will provide a comprehensive bouquet of offerings and special packages on two and four wheelers, trucks, farming equipment and tractors, personal loan, gold loan and Kisan Credit Card at the mela.
In large corporate premises, the Bank offers instant approvals for loans -- home, personal, two and four wheeler, and credit cards.
Anup Bagchi, Executive Director, ICICI Bank said, "In this endeavour, we are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers across the country in semi-urban and rural areas, as well as to salaried employees of corporates. We aim to undertake around 2,000 such camps by end of March 2020". KPM KPM BAL
BAL

ICICI Bank to organise 2,000 loan camps across India

<ul><li>Digital lenders should push for raising limits on small loans using <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword>.</li><li>After digital payments, fintech players are rushing to offer small ticket consumer loans. </li><li>Technology has made it possible for them to undertake different - often more efficient -modes of credit assessment. </li></ul><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> is a credit-starved country - at least for most ordinary Indians. But a slew of digital lenders promising instant or short-term loans is hoping to change that by filling the gap left by the onerous requirements of traditional banks. However, the government wants even the relatively flexible digital lenders to step up their game. On Tuesday, Niti Aayog chief executive <keyword id="6358887" type="PERSON" weightage="20" keywordseo="amitabh-kant">Amitabh Kant</keyword> <a href="https://www.livemint.com/Politics/7FwClNXWhg2yaOz3jQUkkL/Raise-limits-on-loans-granted-through-OTPbased-eKYC-Niti.html">urged </a>digital lenders to better use technology to raise the current caps on small-ticket loans. According to Kant, digital lenders should push for raising these limits on small loans using efficient e-vetting systems like the one time password-based electronic know your customer (KYC) verification. Relying on biometric Aadhaar-authentication alone results in higher operating expenses for these lenders, he added. “Currently, lending through OTP-based e-KYC is capped at ₹60,000 whereas the loan size through online digital mode, as per market data points, is approximately around ₹350,000,” Kant <a href="https://www.livemint.com/Politics/7FwClNXWhg2yaOz3jQUkkL/Raise-limits-on-loans-granted-through-OTPbased-eKYC-Niti.html">reportedly </a>said at an event in Mumbai. Earlier this year, the Indian government said it would <a href="https://economictimes.indiatimes.com/small-biz/policy-trends/government-sets-up-panel-on-fintech-to-make-regulations-more-flexible/articleshow/63170535.cms">bring</a> in a more flexible regulatory environment for fintech players in order to increase <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword>. India has a vast unbanked population with an unmet demand for loans of roughly $200 billion from individuals and small to medium-sized enterprises, <a href="https://www.pwc.in/assets/pdfs/publications/2017/fintech-india-report-2017.pdf">according</a> to PWC. The changing face of consumer lending After digital payments, fintech players are rushing to offer small ticket consumer loans to serve the underserved market. Recently even search <a href="https://www.livemint.com/Companies/283dgHufJo9XzKleq3Kh4K/Google-Tez-Google-Pay-bank-loans-paytm.html">giant</a> Google has also entered the fray, partnering with HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Federal Bank to provide instant, pre-approved loans. Using data analytics and proprietary algorithms, digital lenders can <a href="https://www.livemint.com/Industry/mHyfNNXEbFRxtF8DqZ8wRP/Benefits-of-taking-instant-loans-through-digital-lenders.html">provide</a> instant loans ranging from ₹10,000 ($137) to ₹700,000 while saving consumers the hassle of long waiting times and extensive paperwork of traditional banks. Many of them have teamed up with NBFCs to facilitate these digital loans while some others are using the <keyword id="2814950" type="PERSON" weightage="20" keywordseo="peer-to-peer-lending">peer-to-peer lending</keyword> models. Technology has made it possible for them to <a href="https://yourstory.com/2018/08/ai-powered-tech-rupeelend-can-get-loan-even-low-cibil-score/">undertake</a> different modes of credit assessment - evaluating whether a borrower is credit-worthy - and lend where traditional banks would hesitate. For instance, P2P lenders use as many as 1,000 data points including data gleaned from social media, Aadhar, where a person lives, credit scores in order to minimise risk and often bypass physical paper-based vetting. That enables many of these digital lenders to lend to people who are new to credit or who lack the requisite credit history. Lending times have also come down significantly from weeks to just hours. Overall, <keyword id="59794" type="PERSON" weightage="20" keywordseo="Digital-lending">digital lending</keyword> represents a huge opportunity for both borrowers and lenders. It’s <a href="https://www.livemint.com/Opinion/MgTU086kNbuc6lbpgmdgsI/The-changing-face-of-Indian-retail-borrowing.html">estimated</a> that in India, out of 220 million credit-eligible people, just 70 million have actively taken out loans despite having eligible credit scores.

Why the government wants more from India's booming digital lending market

<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

ED allows WazirX to use bank accounts frozen after raids

<ul><li>WhatsApp is reportedly working on an instant credit feature. Its latest regulatory filing states that providing credit is one of its main business objectives.</li><li>This comes at a time when instant loans have become popular with companies like Amazon, Paytm and others have started offering these services.</li><li>WhatsApp’s massive user base in India gives it a great platform to launch revenue-generating services like digital loans.</li></ul>WhatsApp loans could be the next big feature for the popular messaging service. With India being one of the biggest markets for WhatsApp and instant loans gaining popularity, WhatsApp loans have the potential to take off. In a filing with the Ministry of Corporate Affairs accessed by <a href="https://techcrunch.com/2020/04/28/whatsapp-eyes-credit-feature-for-users-in-india/">TechCrunch</a>, WhatsApp has listed ‘providing credits or loans’ as one of its main business objectives to be pursued in India. WhatsApp’s parent company <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> recently entered into a partnership with <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, acquiring a stake of 9.9% in a $5.7 billion deal. Subsequently, the Mukesh Ambani-owned company <a href="https://www.businessinsider.in/business/ecommerce/news/how-to-order-groceries-from-jiomart-using-whatsapp/articleshow/75403670.cms">launched JioMart service on WhatsApp</a>, allowing users to order groceries and other essentials from the messaging app. <div type="Article" hostid="261" msid="75283937" title="Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion" mstype="2" mssubtype="0"></div> “In my mind, Whatsapp Pay and Jio money will all hopefully get rolled into one. It will just make it quicker since there is nobody in India that doesn't have WhatsApp,” Vikram Sud, an independent director at DBS <a href="https://www.businessinsider.in/tech/news/whatsapp-is-the-secret-sauce-in-the-deal-between-facebook-and-reliance-jio/articleshow/75296172.cms">told</a> Business Insider. WhatsApp’s existing payments service, WhatsApp Pay, is yet to take off after more than two years of testing. Regulatory hurdles have played spoilsport in this regard, but WhatsApp has reportedly reached out to the National Payments Corporation of India (NPCI) stating that it will ensure compliance with the local data protection laws by May. In January, <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">Mark Zuckerberg said</a> that WhatsApp Pay will roll out in India within six months. Joining the dots, it seems plausible that it could launch by May. “This is an amazing partnership on the payments side. Whatsapp Pay did not have the commercial sides of it as Whatsapp was trying to creep into the business. Now, between Whatsapp, Instagram and Facebook — all the commerce can be done through Whatsapp Pay,” said Sud. Amazon Pay Later makes an entry in India Amazon has also launched its credit service called Pay Later. It allows users to purchase products on Amazon, pay utility bills, do recharges and more. Users can make the payment in the next month at no extra cost. The Amazon Pay Later feature is not available on products like gold, jewellery, Amazon Pay balance top-up and Amazon Pay gift cards. How will WhatsApp loans work? It is not clear as to how WhatsApp plans to offer loans and to which users. However, looking at other companies like Amazon, Paytm, or PayU which offers LazyPay, WhatsApp could offer a fixed credit limit to its users based on certain criteria. Users who avail WhatsApp credit could then be required to repay the amount due in a certain time period. For reference, services like LazyPay Pay Later allow you to make payments once in every 15 days, essentially giving you 15 days of interest-free loan. Paytm Postpaid works on a monthly basis – your credit bill is generated on the first of every month and you are given 7 days’ time to repay. For example, if you avail the credit facility on May 1, you will have to repay by June 7, giving you 36 days of interest-free credit. See also: <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a> <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">WhatsApp Pay to roll out in India and other countries over the next six months: Zuckerberg</a>

WhatsApp has reportedly listed giving loans as a ‘main’ objective—  and it could be a big feature in Facebook and Reliance Jio’s partnership

Ever wondered how you can afford that 5 star air conditioner or that expensive washing machine in the electronics store? Well, you may have thought of taking a loan from friend or a family member. But did you know a good credit score could help you avail a loan at an electronics store instantly. 
	 “It is important to understand that a good <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword> Report and <keyword id="728709" type="ORGANIZATION" weightage="20" keywordseo="CIBIL-TransUnion-Score">CIBIL TransUnion Score</keyword> is very critical for having access to finance when you need it. With availability of instant credit information and score from CIBIL, finance companies are able to assess an applicant’s credit discipline and are able to sanction the loan immediately. A good CIBIL report and high CIBIL TransUnion Score can be your gateway to building a prosperous future,” said Harshala Chandorkar, senior vice president, Consumer Services &amp; Communications, CIBIL. 
	 
	She tells BI India some basic tips that will help maintain a good CIBIL TransUnion Score and will ensure easy access to finances whenever required. 
	 
	Keep track of EMIs and credit cards 
	 
	“Keep a regular check on all the loans and credit cards and ensure to make payments on them before the due date month-on-month,” suggested Chandorkar. 
	 
	Set payment alerts 
	 
	She also advises that in order to better manage payments of credit card bills, one should set up an alerts that can constantly remind you of the dues. 
	 
	Guaranteed loans: 
	 
	Its always best to keep track of your guaranteed loans and make timely payments. “The guarantors CIBIL TransUnion Score gets impacted if there is a delinquency or default on the loan repayments by the principal borrower,” she said. 
	 
	Review CIBIL Report and CIBIL Transunion Score 
	 
	Before applying for any loan, credit card or finance for electronic goods ensure to check your CIBIL Report and CIBIL TransUnion Score. This practice will help you avoid any unpleasant circumstances in the form of loan rejection. You can always work towards improving your credit history and CIBIL TransUnion Score in case it is low and apply for loans or finance opportunities once it improves.

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Here’s how you can avail an instant loan from Mi Credit

BI India Tech Bureau

SBI warns customers against instant loan apps

IANS

One in two Indians face extortion and data misuse thanks to instant loan apps

IANS

ICICI Bank launched WhatsApp banking services amid the Coronavirus lockdown

Rounak Jain

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