The end of the financial year is almost here where all salaried and self-employed people submit the investment proofs for the declaration that they made at the start of the year 2019-20. Want to save more? Mi Credit, Xiaomi’s official lending platform can help you.
How does the declaration work?
All employers deduct income tax from your salary on a monthly basis which goes to the government. You should submit a “declaration” of your proposed (existing) investments/options so that your net taxable salary can be calculated and thereby tax will be deducted and you get the net in hand every month. As essential proofs, you should plan your tax savings in advance in terms of how much is your obligatory/ongoing existing investments like PF, insurance premiums, tuition fees, etc.
The government allows tax saving on certain investments, like Life insurance premium/tuition fees/Home Loan Principal and Interest, NSCs, PF, PPF, Mutual Funds ELSS, Tax Savings FDs etcetera. Apart from that, you are also entitled to claim benefit for LTA, HRA, interest on your home loans and Reimbursements of Medical expenses etcetera. These investments are not taxed by the government.
How can Mi Credit help you?
For saving more, it is always better to plan your taxes in advance and invest in time, otherwise, your tax liability is recalculated and additional tax is adjusted in the remaining months of January or February to March. If you are not able to make the investments in time due to lack of money, Mi Credit can lend you up to ₹2,00,000 here.
How to apply for a loan?
Step 1: Install Mi Credit app from Google Play Store and register through Mi account or phone number
Step 2: Upload KYC documents (ID & Address Proof) & add personal details for online verification
Step 3: Add bank details to facilitate transactions
Step 4: Loan amount up to ₹2,00,000 is disbursed to your bank account quickly
Where to download Mi Credit?
Do note, the link to GetApps works only on the Xiaomi devices via community app.
About Mi Credit
Mi Credit is a personal loan platform from Xiaomi - India’s #1 Smartphone Brand, allowing you to apply for a loan up to ₹2,00,000 in four quick steps and get money within minutes. You can use this money to put in the investments which will allow you to save tax and secure your long term investments. The application process is completely digital and hassle-free and can be completed with the help of your mobile phone anywhere, even when you are sitting at your home, office or commuting.
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