Xiaomi introduces Mi Credit service for India which will help MIUI users apply for quick loans

After Mi Music and Mi Video, Mi Credit is the third value-added internet service that Xiaomi launched for its users in India.

Xiaomi has now dipped its toes in a new lake in India, and that is a lending platform.

Xiaomi launches Mi Credit service in India.

Xiaomi launches Mi Credit service in India.

The Chinese company has announced Mi Credit service in India, which is essentially aimed at providing a list of suitable financial loan providers, from which users can simply log on to the platform to apply for quick loans.

Currently, the service is available in partnership with KreditBee, a platform offering instant personal loan that is aimed at young professionals. The service is limited to MIUI users. Which means, that Mi A1 users will not be able to use the Mi Credit service.

As of now, with Mi Credit service, users can apply for a loan between Rs 1,000 and Rs 1,00,000. As the company claims, using the platform, users will apparently be able to initiate a personal loan within 10 minutes, using a simple KYC process. The documents required for the application of the loan will be as basic as your PAN and Aadhaar card.

Mi Credit will currently only list all the agents who can help you in the financial lending. Rest of the verification and KYC process will be done on KreditBee platform.

Per the Mi Credit websitethe interest charged on the loan will be 3 percent, with a loan tenure ranging from 15 to 90 days. Repayment of the loan will have to be done via KreditBee app through its Payment Gateway.

“Xiaomi provides internet services to give our users a complete mobile internet experience and MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools. The connectivity between our devices and the seamless integration between hardware and internet services enable us to provide our users with the better user experience,” Manu Jain, vice president, Xiaomi and managing director, Xiaomi India said.

He added, "Mi Credit is another big step in bringing an important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated."

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