Bangalore: Chinese mobile phone maker Xiaomi on Thursday launched “Mi Credit”, its new service that serves as a platform for users to launch instant financial loans in India.
According to the company, “Mi Credit” is currently available in partnership with KreditBee which is an instant personal loan platform for “young professionals”.
“Xiaomi provides internet services to provide our users with a full mobile internet experience and MIUI operates as an open platform to enable us to provide our wide range of internet services such as content, entertainment, financial services and tools. productivity, ”Manu Jain, vice president, Xiaomi and general manager, Xiaomi India, said in a statement.
The loan can be initiated in less than 10 minutes with a simple KYC verification.
“’Mi Credit’ is an important step in the introduction of an important Internet service in India and we hope that our users can really benefit from it as the service becomes more sophisticated,” added Jain.
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 the “Mi Credit” platform and Xiaomi users can login to apply for quick loans.
Currently, the service is only available to MIUI users where KreditBee offers loans from Rs 1,000-Rs 1,000,000.