Xiaomi announces loan service called Mi Credit in India

It's currently only available for MIUI users though

0

Earlier this month, Chinese smartphone brand Xiaomi announced its Mi Music and Mi Video streaming services in India. And then more than a week later, Xiaomi announced its Mi VIP Club reward program in the country. Now today, Xiaomi has announced Mi Credit which is a loan service for Indian users.

Xiaomi-logo-e1426474963880

Xiaomi has partnered with KreditBee for the launch of Mi Credit. Mi Credit is a lending platform that’s aimed at young professionals where they can get instant personal loans. The loan is offered by KreditBee, and, the amount starts at ₹1000 and goes all the way up to ₹1,00,000.

Applying for a loan on Mi Credit is pretty simple. A user has to submit documents like PAN Card and Aadhaar Card for KYC verification, and, has to link his bank account to KreditBee to receive the loan amount. Once you do that, the loan amount will be disbursed in 10 minutes to your bank account.

That said, it’s worth noting that 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.

With that being said, it’s also worth noting that Mi Credit is currently only available for MIUI users, meaning you need a Xiaomi smartphone running MIUI to be able to get loan.

Commenting on the announcement of Mi Credit in India, Manu Jain, Vice President at Xiaomi and Managing Director at 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 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.