Xiaomi today announced a new service for its users in the form of Mi Credit to act as a platform for users to initiate financial lending. Financial loan providers are listed on Mi Credit, and Xiaomi users can log onto the platform to apply for quick loans.
Mi Credit is currently available in partnership with KreditBee, an instant personal loan platform for young professionals. Currently, Mi Credit is available only for MIUI users where KreditBee is offering loans from Rs 1,000 up to Rs 100,000. The loan through KreditBee can be initiated in less than 10 minutes with a KYC verification. All verification and user information input is done on partner platforms, with Mi Credit currently only listing all agents.
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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."
Mi Credit is the third value-added internet service for Indian Mi Fans after Mi Music and Mi Video, which were recently announced in May 2018.
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