Xiaomi has introduced Mi Credit in India. It is an instant personal loan platform for youth. This Chinese company says that Mi will work as a platform for borrowing credit for the user. The company has provided information about the loan provider of Mi Credit. Users can now apply for a loan faster after logging on to the platform. Xiaomi has partnered with Instant Personal Loan Platform KreditBee for its M-credit service. Mi Credit is the company’s third value-added internet service in India. Earlier, Mi Music and Mi Video were also launched in the month of May.
Xiaomi’s Mi Credit platform is only for the MIUI user. The young professional may get a personal loan of Rs 1,000 to Rs 1,00,000 from KreditBee. Xiaomi has informed that the process of lending can start only in 10 minutes, which will be possible through KYC verification. All verification and personal details of the user will be deposited on the partner platform. Mi will be the only agent name on the credit website. As we already told you, this service of Xiaomi is for the MIUI user only. It will not be available for stock Android phones like Xiaomi Mi A1.
About the new service, Manoj Jain, chief of Xiaomi India, said, “Through credit, we are beginning to serve another internet related service in India and we are confident that our users will be able to take advantage of this service.”
The company’s decision in the personal loan area indicates that it wants to further increase the product’s sales from its platform. Having achieved tremendous growth in smartphone market share, Xiaomi wants to repeat online market success in the offline market as well.