Xiaomi Mi Credit launched in India, offers instant personal loans to MIUI users

Xiaomi has announced Mi Credit, a financial lending service platform that will help provide quick loans to MIUI users.

Xiaomi has announced Mi Credit, a financial lending service platform that will help provide quick loans. Mi Credit will list financial loan providers, and Xiaomi users can apply for quick loans through the platform. Mi Credit will be limited to MIUI users.

At the moment,  Xiaomi’s Mi Credit will offer lending services through KreditBee that provides instant personal loans to young professionals. Under the partnership, Mi Credit users will be eligible to avail for loans between Rs 1,000 and Rs 1,00,000 via KreditBee. After choosing a particular loan amount, users will have to follow a KYC verification process. They can expect their loan to be initiated within 10 minutes of verification. Under the current arrangement, Mi Credit only lists partner platforms, while these agents maintain user input and verified data on their own platforms.

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

Xiaomi has been increasing its focus on India, which the company says is its second-largest market after China. The Chinese company sells a number of its global sellers in India, from popular Redmi smartphones to Mi Smart LED TVs. In fact, the company continues to lead in the Indian smartphone market. According to Counterpoint Research, Xiaomi held a market share of 31.1 per cent in the first quarter of 2018.