Xiaomi Announces the Launch of 'Mi Credit' in India

On Thursday Xiaomi announced the launch of 'Mi Credit' in the country. Mi Credit is Xiaomi's personal loan platform for Mi users which will be soon available in India.

Mi Credit launch which will take place on December 3 for which Xiaomi sent out media invites. Anyhow this is not the debut of Mi Credit in India. Mi Credit app is already accessible in India, and Android users can download it from Google Play Store. According to a report by Inc42 the company had soft-launched Mi Credit in India last May and for this it partnered with Bengaluru-based startup KrazyBee. Though this is the same product, Xiaomi will officially launch Mi Credit in India.

How Mi Credit Works

Mi Credit offers personal loans to users above 18 years old of up to 1 lakh. Xiaomi offers a repayment period of 91 days to 3 years and the interest rates beginning at 1.35% per month. "For example, if the loan amount is Rs 20,000, interest charged is 16.2% per annum, and the loan is to be repaid over 6 EMIs, then the overall interest payable would be Rs 937 and the EMI per month would be Rs 3423," on Google Play Xiaomi clarifies in its app description.

Users need to get registered using their Mi account or phone number and upload KYC documents like ID and address proof. Bank details also needed to be added by the users for the funds' transfer. Xiaomi also allows users to check their credit report on the Mi Credit app itself.

In India, Xiaomi's Mi Credit service is currently available only to Mi users. So far, there is no confirmation on whether Xiaomi will extend its loans service to other users also. For its credit service, the company has partnered with financial loan providers.