Yes, Xiaomi is still very much a tech company and they've not turned into a bank or a financial firm. They'll continue to sell great phones and other IoT products in India, but the company's latest service is called 'Mi Credit' with which it hopes to make it easier for any to get a loan in the country.
Mi Credit is essentially a service with which Xiaomi is making it easier for users to get a loan by connecting them to service providers. So, yes, Xiaomi will not be lending the loan by itself. Instead, it has created a platform where loan seekers can meet the service providers to get the necessary loan amount based on the credit score.
Here's introducing #MiCredit a curated marketplace for lenders.
- 100% Digital
- Apply for loan in 5 minutes
- High success rate, higher loan amount, low interest rate
- Free Credit Score
- Encrypted data locally stored
Get it on @googleplay and GetApps #MoneyWhenYouNeedIt pic.twitter.com/jc1oAqOn9k
Xiaomi was running a Mi Credit as a pilot last year during which it says it has disbursed over 28 crores worth of loans. Now, the company has partnered with KreditBee last year, now it has partnered with Aditya Birla Finance Limited, Money View, EarlySalary, CreditVidya, and ZestMoney to give out loans.
According to Xiaomi, the process is 100-percent digital and it takes just 5 minutes to complete. The app, which is only available for Android users, for now, is apparently very easy to use. It offers real-time disbursements and supports all major banks. Currently, Xiaomi is offering loans of up to Rs 100,000 and says that it has a high success rate and low-interest rate.December 3, 2019
The Mi Credit app will also let you check the credit score for free. Users can select the loan tenure from 91 days to up to 3 years with interest starting from 1.35-percent per month. In case you're interested, here's how you can apply for a loan -
1) Install Mi Credit app from the Google Play Store and register through Mi account or your phone number.
2) Once that's done, upload your KYC documents (ID & address proof) and add personal details for online verification.
3) Add your bank details to facilitate transactions and the loan will be disbursed to you as quickly as possible.