Leading smartphone maker Xiaomi in collaboration with Indian startup KreditBee launched a new financial loan service in India on May 24.
The new Mi Credit offers loans from Rs 1,000 up to Rs 1,00,000 to consumers. This will definitely help young professionals with a tight budget, who might often find themselves in a cash crunch well before the end of the month.
"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 the better user experience. Mi Credit is another 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," Manu Jain, VP (global), MD, Xiaomi India said in a statement.
However, Mi A1 users cannot claim the Mi Credit benefits, as the device is a Google-affiliated Android One phone and does not have MIUI interface.
The Mi Credit is available only for MIUI users, meaning any Mi and Redmi series phone owners are eligible to claim the personal loan. Interested Xiaomi phone users can initiate and complete loan request formalities in less than 10 minutes with a simple KYC verification.
All verification and user information input is done on partner platforms, with Mi Credit, the company claims.
Mi Credit is the third value-added internet service for the Indian market after Mi Music and Mi Video, which were recently announced in May 2018.
The company is funding several start-ups in India and is expected to bring them to its Mi ecosystem. Xiaomi has pledged to invest over Rs 7,000 crore in 100 start-ups in India alone. It not only encourages upcoming entrepreneurs but also improves user-experience on Mi series devices similar to its home market China.