Xiaomi Mi Credit has been launched in India today. After running a pilot, the brand has unveiled its Mi Credit service for personal loans. Xiaomi says its Mi Credit digital lending platform will help offer personal loans within 5 minutes. One will be able to complete the process of getting the loans in the mentioned time, as per the company.
Xiaomi says the entire process of KYC, repaying via e-mandates and disbursal of the money will be done digitally. Note that Xiaomi isn’t offering the loan, but is simply linking the user to a service that will offer the loan. It also offers real-time disbursements and it supports all major banks. The Chinese smartphone maker has partnered with Aditya Birla Finance Limited, Money View, EarlySalary, CreditVidya, and ZestMoney.
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One can get loans of up to Rs 100,000 lakh, and choose the amount and the tenure of the loan once you get approval. Xiaomi’s Mi CRedit service is also offering “a high success rate and low-interest rate.” The service also supports a credit score rating, which is based on how fast users repay their loans with interest.
Interested users can download the Mi Credit app via Google Play Store. As far the privacy is concerned, Xioami says it has a data protection agreement with all its lenders. The brand also said that the data is stored in an encrypted format in Indian data centers, PhoneArena reports.
Manu Jain, Vice President, Xiaomi and Managing Director, 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 important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated,” he said.