Xiaomi launched its Mi Credit Service in May this year, which works in collaboration with KreditBee, an online lending platform that facilitates quick and easy personal loans. The platform is meant for young professionals to get quick personal loans for short period, essentially working as a salary advance facility for small amounts with low interest. The facility is now available as an app on MIUI, the predominant operating system on Xiaomi devices in India.
The app can be downloaded on Xiaomi smartphones running MIUI, and facilitates the personal loan. It’s worth noting that Xiaomi isn’t offering the loan, but is simply linking the user to a service that will offer the loan. KreditBee uses KYC authorization on an entirely-online process to disburse the loan to eligible users. The funds are directly transferred to the bank account, with interest rates starting at 1.8 percent per month, according to a report by MySmartPrice.
The KreditBee platform disburses personal loans ranging from Rs 1,000 to Rs 1,00,000, targeted at young professionals who need a quick infusion of money for covering expenses prior to receiving a salary. The platform has tied up with Xiaomi in India in order to promote its service and receive easy access to users through Xiaomi’s reach. The new app will make it even easier for users to avail of these personal loans when needed.
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For the time being, KreditBee is the only loan provider on the Mi Credit Service, which could expand to offer more services in the near future. The move is part of Xiaomi’s push to make its smartphones a one-stop shop for all user needs, with customers no longer having to visit a bank or even use a computer to get access to quick funds when needed.