Xiaomi, one of the top smartphone vendors in India has joined the list of fintech startups in the country by offering the Xiaomi Mi Credit App for the personal loan service in India.
Infact, this is the Mi Credit Personal Loan services which is the 2nd Mi-branded financial solution. The first one was the Mi Pay. But Xiaomi is not new to financial services at all. In China, Xiaomi has already disbursed loans since its initial launch in 2015 and has a user base of more than 45 million. My Pay was initially launched in March 2018 which has more than 21.6 million users currently.
MI Credit is a curated marketplace for digital lending which offers the users with the loan between Rs. 5000 and 1, 00,000 at a low interest rate.
Xiaomi has partnered with Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, CreditVidya, NBFCs and few more Fintech companies and lending partners.
Xiaomi says that it offers one of the easy application process for getting personal loans with the real time approval with the option of instant upload of the identification documents and photos.
The Mi Credit app will be pre-installed on Xiaomi phones and can also be downloaded from the Play store from the below URL.
Currently, Mi Credit service is available in over 10 states serving more than 1,500 PIN codes, and aims to cover more than 19,000 PIN codes by the end of the fiscal year 2019.
The paperless KYC is one of the most selling point of the Mi Credit and we hope it succeeds in a big way in the Indian market.