Xiaomi India has announced a new service in India, Mi Credit, on May 24, 2018. The new service is launched in partnership with KreditBee, an instant personal loan platform for young professionals.
The new Mi Credit service lets users apply for instant loans ranging from Rs. 1000 up to Rs. 1,00,000. Although the Mi Credit service is currently available only for MIUI users, others can download KreditBee’s official app to apply for salary advance. Sadly, the service is not available for Mi A1 users, as the phone runs on stock android and not MIUI.
According to the company, the document validation and loan sanction would be initiated within 10 minutes, once the KYC verification is done. The validation and verification will be done on the KreditBee’s platform while Mi Credit only maintains the list of its agents.
Applicants can apply for loan using just their Aadhar Card and Pan Card for verification. The loan repayment is also said to be easy and can be paid back at the applicant’s convenience, depending on the plan they create. Users can only apply for one loan at a time, for now. A new loan can be applied or availed, only if the user has repaid the previous loan.
Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India said,
“Xiaomi provides internet services to give our users a complete mobile internet experience, and MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools. The connectivity between our devices and the seamless integration between hardware and internet services enable us to provide our users with better user experience. Mi Credit is another big step in bringing an important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated.”
Other Value Added Services
Of late, Xiaomi India has been focusing their efforts on providing its Indian customers with value-added services. Earlier this month, the company had launched their Mi Music and Mi Video services for Mi Fans, in India.
Read more : Mi
It’s great, let’s see how smooth the process is and how many users going to be benefited from this! ✌️
Let’s see how smooth the entire process would be, and how many users going to get benefitted!
Looks like to increase their market share Xiaomi is taking all out approach to make consumers have money in their pocket to make purchases especially Xiaomi products and services by providing easy loan facilities, thanks
don’t think so it’s going to be good in indian market because there are already many finance companies in offline market which offers you emi options on smartphone above 10k with somehow less % interest rate.