Xiaomi today announced the launch of its financial lending service Mi Credit in India. Mi Credit 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. Xiaomi announced this platform in partnership with KreditBee, which is an instant personal loan platform for young professionals. At the moment, Mi Credit is made available only for MIUI users, where KreditBee will be offering loans from Rs 1,000 to Rs 1,00,000. That said, the loan can be initiated in less than ten minutes with a simple KYC verification. This is an interesting move from Xiaomi in India, and it’s an MIUI service too.
KreditBee aims to become the first choice for young professionals when it comes to quick and convenient personal loans, read a press statement from Xiaomi India. Do make a note that 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 the better user experience. Mi Credit is another big step in bringing important internet service to India, and we trust that our users would be able to truly benefit as the service becomes more sophisticated.”
Xiaomi is bringing all its services to the Indian market lately with the Mi Credit being the third one in this month itself. Earlier this month, at its Mi Pop event in Mumbai, Xiaomi announced Mi Music and Mi Video with online streaming support for the Indian users. Xiaomi is now gearing up for its June 7 launch, where it’s expected to unveil the Redmi Y2 with 16MP selfie camera and Snapdragon 625 processor.