Xiaomi is all set to re-launch its Mi Credit lending service in India

Xiaomi, which is currently the leading smartphone brand in the Indian market, is all set to relaunch its personal loans platform in the Indian market — Mi Credit. The company has revealed that the service will go live from 3rd December.

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A new version of the Mi Credit app was uploaded to Google Play Store earlier this month which suggests that the company is planning to announce a new feature and revamped user interface. The company has also sent out invites for the upcoming launch on Thursday.

The Mi Credit platform was initially launched in May 2018 and as said, it acts as a platform for users to initiate instant financial lending in India. According to the company, Mi Credit, at the time of launch, was available in partnership with Bengaluru-based startup KreditBee which is an instant personal loan platform for “young professionals”.

As a part of the existing Mi Credit service, a loan can be initiated in under 10 minutes with a simple KYC verification on the platform. The interest rate on the loan you take through Mi Credit is 3% per month, and, the loan tenure is 15 to 90 days. Moreover, the repayment of loan has to be done in KreditBee app via Payment Gateway.