Xiaomi Launches Mi Credit, A Lending Marketplace Exclusively for MIUI Users
Chinese smartphone manufacturer Xiaomi has introduced Mi Credit which aims to deliver instant loans exclusively to MIUI users.
Financial loan providers are listed on Mi Credit, and Xiaomi smartphone users can log onto the platform to apply for quick loans.
Mi Credit provides a hassle-free approach to avail loans instantly. The application process is completely online and can be completed with just Aadhar Card & Pan Card. On successful verification, the loan will be disbursed in about 10 minutes.
MIUI users can apply for a loan anytime and from anywhere. The company is offering loans starting from Rs 1,000 up to Rs 1 Lakh.
Not just the application, loan repayment is also simple. Users can create a repayment plan and pay back at their convenience. At present, you can avail only one loan at a time. Only after the repayment of the previous loan, you can apply for the next one.
According to a report published by ET, the loan will be extended at 3% interest per month and focuses on salaried professionals.
This service is currently provided in partnership with lending platform KreditBee. Xiaomi led a $8 million funding round in KrazyBee in October 2017 and is now reportedly planning to pick up a stake in Indian fintech startup ZestMoney in its latest funding round.
In November 2017, the company CEO Lei Junin also stated in an interview that Xiaomi is looking to invest $1 billion in 100 Indian startups over the next five years in areas such as content, fintech, and hyperlocal services.
A couple of days back, Cashkumar, the peer to peer lending platform based out of Bangalore, has closed a pre-series A round of Rs 5 crores. The other Indian players who already operating in this space are Faircent, LendBox, LenDenClub, LoanBaba, i2iFunding, IndiaMoneyMart, PaisaDukan, Finzy, Monexo, CapZest and Rupaiya Exchange.
Digital payments giant Paytm is also trying to enter the lending space and is seeking a licence from RBI to become a peer-to-peer lending platform.
