Xiaomi on Thursday launched the Mi Credit service in India. The Mi Credit is essentially a financial lending service that lets MIUI users borrow money from the financial lenders. Xiaomi has announced a partnership with KreditBee, an instant personal loan platform aimed at young professionals. The Mi Credit lending service will only be available to the MIUI users, which means that users of Mi A1 cannot avail it.
Aimed at offering quick loans to MIUI users, the Mi Credit platform gives a lower limit of Rs 1,000 that can go up to Rs 1 lakh. The loan will be given to MIUI users as Mi credits, which Xiaomi says will be ‘quick and convenient’. The loan can be availed in less than 10 minutes with simple KYC verification process, says the company. The verification processes will be carried out by the lending partner, KreditBee as of now.
The loan will also attract interest rates depending on the amount and duration. For an amount of Rs 1,000 to Rs 9,000 availed for 15 days, a flat interest rate of 1.48 per cent will be levied, as per KreditBee. The interest rate of 36 per cent is incurred annually on the loans starting Rs 10,000 and going up to Rs 1,00,000.
“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. 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,” said Manu Kumar Jain, VP of Xiaomi and MD of Xiaomi India.
