Xiaomi Officially Launches ‘Mi Credit,’ its Digital Lending Platform in India

In addition to expanding its products ecosystem in India, Xiaomi is now making inroads into the country’s financial sector. The UPI-powered Mi Pay app saw the Chinese giant’s foray into this sector earlier this year. However, Xiaomi has nowofficially debuted its digital lending platform, Mi Credit, in Indiaat a launch event today.

Xiaomi had beenrunning a pilotfor Mi Credit for some time now. It was soft-launched earlier in 2019 and we had detailed the steps forhow you can take out a loanvia this service. The company today revealed thatloans worth up to 28 crores have been disbursed to date, with 20% users opting for the highest available loan amount.

With Mi Credit, the company is looking to target the youth and millennial population in India. It has developed a ‘completely digital process‘ for providing personal loans to users. You can take out a personal loan up to 1 lakh rupees via Mi Credit, which will be credited to your bank account (supports all the major banks) instantly. You will have to complete a quick 5-minute KYC process, also online, before you can secure the loan.

Once your loan application is approved, you can choose the loan amount, tenure, and a repayment period, as per your own convenience. The maximumloan tenure can be 36 months (3 years), with the interest rate going as high as 2.5% per month. It starts at just 91 days and the interest rate is 1.35% per month. Also, you need to be at least 18 years of age to borrow money via the Mi Credit app.

Xiaomi has signed up five lending partners including Aditya Birla Finance, Money View, EarlySalary, CreditVidya, and ZestMoney for Mi Credit in India. It even lets youkeep a track of your credit score for free. This feature is powered by Experian.

Mi Credit has currently only been launched for Android users. You can download it either from thePlay Storeor the native GetApps store that’s present on Xiaomi devices. It will come preloaded on MIUI phones going forward. So, if you have been looking for a quick and easy means to secure a loan, then Mi Credit could be the way to go.

Anmol

Getting my start with technology journalism back in 2016, I have been working in the industry for over 7 years. Currently, as the Editor of Beebom, I’m leading the coverage on the website. While my expertise lies in Android, Windows, and the apps world, find me reading manga, watching anime, and playing Apex in my free time.

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