Chinese smartphone manufacturer Xiaomi has launched its credit line in India. It was launched with its product Mi Credit in partnership with lending platform KreditBee. Mi Credit acts as a platform for its users to “initiate financial lending.”
About MI Credit:
Mi Credit is available only for MIUI users. KreditBee is offering loans starting from $14.66 (INR 1,000) up to $1466.11 (INR 1 Lakh). You can initiate loan in under 10 minutes with a simple KYC verification. MI Credit is an “instant personal loan platform for young professionals”.
Manu Jain, Vice President, Xiaomi said:
“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. We trust that our users would be able to truly benefit as the service becomes more sophisticated.”
According to some reports, the loan will carry 3% interest per month. These loans will focus on salaried professionals. The service is currently available to MIUI users only. It will not be available for stock Android phones like Xiaomi Mi A1.
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.
About Xiaomi
Xiaomi is a Chinese smartphone manufacturing company. Since its entry in 2014, India has proven to be a gold mine for Xiaomi. Xiaomi is currently one of the leading smartphone brands in the country after taking over South Korean giant Samsung. Today, India is the second biggest market for Xiaomi after China.
Xiaomi is also gearing up to launch a new smartphone in India. The company has started sending out media invites to announce a new smartphone in India on 7th June. The invite hints at a camera-centric device. It seems Xiaomi will launch Redmi S2 in India but its name will be Redmi Y2.