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 now officially debuted its digital lending platform, Mi Credit, in India at a launch event today.
Xiaomi had been running a pilot for Mi Credit for some time now. It was soft-launched earlier in 2019 and we had detailed the steps for how you can take out a loan via this service. The company today revealed that loans 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 maximum loan 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 you keep 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 the Play Store or 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.