Xiaomi Jumps Into Digital Lending; Will Offer Mi Credit Up To Rs 1 Lakh To MIUI Users!

Xiaomi, World’s 5th largest and India’s largest selling smartphone brand has decided to jump into the lucrative digital lending space in India.

Mi Credit, Xiaomi’s own financial lending platform has now officially launched, only for Xiaomi users.

This is a big news because now, Xiaomi has set a new standard of value-added Internet service, for a closed ecosystem.

Xiaomi’s Mi Credit Launched!

Xiaomi has informed us that Mi Credit, their new digital lending platform is now live. Users of MIUI, which is Xiaomi’s own operating system for their devices would be the only ones who are eligible to get loans via Mi Credit.

As per information received, MIUI users can now get loans ranging from Rs 1000 to Rs 100,000, within 10 minutes on Mi Credit platform.

Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India said,

“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.”

Xiaomi plans to unleash several new initiatives under their value-added internet service, available only for Xiaomi users.

After Mi Music and Mi Video, Mi Credit is the third major service launched under value-based internet services.

Note here, that Mi Credit is not available for Mi A1 users.

How Will It Work?

Xiaomi’s Mi Credit platform has been developed in association with KreditBee, which is an instant loan platform for young professionals, ‘started by a group of individuals from IIT, IIM, and NUS among others to solve the issue of easy credit among young professionals in India.’

As per their website, KreditBee is an NBFC (Non-Banking Financial Company) registered with RBI.

Mi Credit is a platform, which will list several partners offering instant digital loans. After a KYC process, the loan can be approved for Xiaomi users, who have registered themselves with Mi Credit.

A statement from Xiaomi said,

“All verification and user information input is done on partner platforms, with Mi Credit currently only listing all agents.”

Our Opinion

Xiaomi’s latest salvo can be considered as an important innovation, coming from a tech-based company. Digital lending niche in India is growing at an astonishing pace, and several new ideas and concepts are being introduced, to solve a major problem.

With Xiaomi’s presence and launch of Mi Credit, a new paradigm shift can be witnessed, with other tech and mobile companies launching their value-added services for their own users as well.

If Apple introduced the advantages of a closed ecosystem, then Xiaomi is making maximum use of that.

Do you think Indians will use Xiaomi’s digital lending services? Do let us know by commenting right here!

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