Xiaomi Mi Credit lending platform launched in India

Xiaomi has announced Mi Credit for the Indian market. The new service acts as a platform for users to initiate financial lending. Financial loan providers are listed on Mi Credit, and Xiaomi users can log onto the platform to apply for quick loans.

Mi Credit is currently available in partnership with KreditBee, an instant personal loan platform for young professionals. Currently, Mi Credit is available only for MIUI users, where KreditBee is offering loans from Rs 1,000 up to Rs 1,00,000. Xiaomi says that KreditBee aims to become the first choice for young professionals when it comes to quick and convenient personal loans. The loan can be initiated in less than 10 minutes with a KYC verification. All verification and user information input is done on partner platforms, with Mi Credit currently only listing all agents.

Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India said, “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.”

Mi Credit is the third value-added Internet service for the Indian market after Mi Music and Mi Video, which were recently announced in May 2018.

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