Xiaomi Launches Mi Credit in India

Xiaomi announced its plans last Thursday, November 28, 2019, to relaunch its Xiaomi Mi Credit facility in India come December 3, 2019. The credit platform will only be available exclusively to Xiaomi users.

The campaign’s relaunch comes after its successful beta testing phase in India last May 2018. Its initial launch was made in partnership with a startup company based in Bengaluru named KrazyBee.

Mi Credit is a personal credit and lending facility that allows individuals to request and borrow amounts up to 1 lakh. A complementary Xiaomi mobile app under the same name is already available for download within the country. Upon downloading the app, individuals can register their information and input bank details to enable fund transfer upon approval.

Loan amounts borrowed from Xiaomi can be approved in under 10 minutes, notes LiveMint. To enable this, KYC verification is required by the platform.

Xiaomi Launches Mi Credit

Under this offering, borrowers will reportedly have the chance to repay their debt anywhere from 91 days to 3 years with interest rates from 1.35 percent per month, reports the Hindustan Times.

In its application description available for download on Google Play, the company says, “For example, if the loan amount is Rs 20,000, interest charged is 16.2% per annum and the loan is to be repaid over 6 EMIs, then the overall interest payable would be Rs 937 and the EMI per month would be Rs 3423.”

Only 18 years old and above may use the platform. As part of its campaign launch, the Chinese smartphone company looks to offer free processing and EMI tenure flexibility to encourage more customers to avail of its services.

Mi Credit is the Chinese giant’s second foray into payment and lending services. Its first financial service was Mi Pay Digital which was launched earlier in 2018 together with ICICI Bank and RuPay, reveals the Mobile Indian.