Xiaomi is now planning on introducing some financial services to its customers.
These financial services will be across payment, lending and insurance in India. Read on to find out what services will be offered by Xiaomi!
Xiaomi Offers Financial Services; Partners With Axis Bank, IDFC Bank, Aditya Birla, And More
Financial services offered by Xiaomi will include gold loans, credit line cards and insurance products, as confirmed by India head of Xiaomi, Manu Kumar Jain.
As per Jain, These financial services will be offered in partnership with multiple organizations, such as Axis Bank, IDFC Bank, Aditya Birla Finance Ltd, Stashfin, Money View, Early Salary and Credit Vidya.
He has also revealed that Mi Credit, which was a a curated marketplace for personal loans of up to Rs 1 lakh has been quite successful and more then one lakh loans have already been disbursed.
But, the unexpected crisis of the COVID-19 pandemic has had the lending partners take a step back.
As per Jain, “Many quarters went into re-thinking about the future of Mi Credit or Mi Financial Services should look like. We are now back to growing this particular platform. Q1 2021 versus Q4 2020, we grew 95 per cent, and Q1 2021 versus Q1 2020, we saw 35 per cent growth.”
Gold Loans, Credit Line Cards, and Insurance Products By Xiaomi
The company is working on developing an entire spectrum platform with respect to overall financial services and credit perspective as well. He confirmed that Xiaomi will be adding insurance vertical to its platform and will be expanding the lending category by adding facilities like gold loans and credit line cards.
He also announced that Mi Credit will be offering a higher pre-approved loan of Rs. 25 lakh, which was previously against Rs. 1 lakh. Also, the tenure will be of up to 60 months. The company has also started to offer SME Loans and credit line cards
Mi Credit has introduced Credit Line cards in partnership with Stashfin. It offers customers a combination of propositions of Buy Now Pay Later and personal loans. This will allow customers to utilise the feature across any channel without any limitations.
Gold loan facilities will also be launched in the next few weeks.
Jain also talked about future plans of the company, “In 2021, we are planning to further diversify and provide 20 per cent of the loans to MSMEs (micro, small and medium enterprises). We have launched business loan to meet the emerging needs of entrepreneurs and MSMEs.”
An insurance product, under the Insurance Segment will be launched in partnership with ICICI Lombard. Xiaomi also offers a cyber insurance offering, with more than 25000 customers covered already.