Xiaomi is currently leading the Indian market in terms of Smartphone sales with expanding its product lineups in the country and the company is also pushing its digital services and first, it launched the Mi Pay, UPI-based payments app earlier this year. Now the company has launched Mi Credit, its digital lending platform in India.
The company announced that the services have been running on pilot since early 2019 and the loans worth up to 28 crores have been disbursed to date with 20% users opting for highest (Rs. 1 lakh) available amount.
Update: “Till December 2019 end, over one million users have availed this service within the Mi Credit app”, said Xiaomi. The company has disbursed loans worth Rs. 125+ crores and 50 percent of loans were disbursed to non-Xiaomi Android smartphone users.
Mi Credit is targeted towards the youths and millennials in India and with just a quick 5-minute all-digital KYC process users can avail a personal loan of up to Rs. 1 lakh (Rs. 1,00,000).
You need to be at least 18 years old to apply and once your loan application is approved you can choose the loan amount (up to Rs. 1,00,000), tenure, and a payback period suitable for you. The minimum loan tenure is 3 months and a maximum of 36 months (3 years) and the interest rate is from 1.5-2.5% per month. After everything is done the required amount will be credit in your bank account
Xiaomi has partnered with five lending partners Aditya Birla Finance, Money View, EarlySalary, CreditVidya, and ZestMoney for Mi Credit in India you can also check your credit score for free.
Mi Credit is currently available on Google Play Store and other Android App Store for Android users only it will come preloaded in MIUI phones in the future.