Xiaomi has today announced a new Mi Credit service in India that acts like a financial lending platform for MIUI users. Xiaomi users can log onto the platform, choose from financial load providers listed on Mi Credit, and apply for quick loans. The new service is launched in partnership with KreditBee, which is an instant personal loan platform.
Using Mi Credit, MIUI users can get a personal loan, anywhere between Rs 1,000 to Rs 100,000. The procedure is very simple, and a loan can be quickly initiated in less than 10 minutes after completing the KYC verification. Xiaomi has also clarified that the user information and verification is done on partner platforms, and Mi Credit currently only lists agents. However, there aren’t enough details about the interest rate that will be charged to the borrowers.
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“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 better user experience. 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,” Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India said in a press release.
It is important to note that the Indian credit marketplace has become overcrowded and it sure won’t be easy for Xiaomi. But the Chinese smartphone maker still has an advantage considering the number of users that are using Xiaomi smartphones.