Mi Credit is the third value-added Internet service for Indian Mi Fans after Mi Music and Mi Video
Xiaomi on Thursday launched an instant loan service facility known as Mi Credit, a platform for users to commence instant financial lending. According to the Xiaomi, Mi Credit is available in collaboration with KreditBee which is an instant personal loan platform. "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 like content, entertainment, financial services and productivity tools," Manu Jain, vice president, Xiaomi and managing director, Xiaomi India, said in a statement. KreditBee is an instant salary advance platform for young professionals where they can avail upto Rs 1 lakh.
The loan can be initiated in under 10 minutes with a simple KYC (know your customer) verification.
"'Mi Credit' is a 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," Jain added.
Notably, "Mi Credit" is the third value-added Internet service for Indian Mi Fans after Mi Music and Mi Video which were announced in May, 2018.
Financial loan providers are listed on "Mi Credit" platform and Xiaomi users can log in to apply for quick loans.
Currently, the service is available only for MIUI users where KreditBee is offering loans starting from Rs 1,000-Rs 1,00,000. Xiaomi's major push towards lending seems to be aimed at boosting sales of its products through its own platform. After having already risen in the overall market share in India, Xiaomi might be planning to replicate in terms of online sale of smartphones.