Xiaomi on Tuesday launched its digital lending platform Mi Credit in India. The tech company known for innovative products has launched a financial service for the first time here.
The Mi Credit service will give out personal loans within 5 minutes, the company claims. The entire KYC process, repayment, disbursal, etc will be done digitally.
But Xiaomi isn’t offering the loan, it is a platform that links users to financial organisations such as Aditya Birla Finance Limited, Money View, Early Salary, Credit Vidya, and Zest Money.
Depending on your approval, you can avail up to Rs 1,00,000 and choose the tenure. It also supports a credit score rating, which is based on how fast users repay their loan with interest.
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.”