Initially launched in May 2018, Xiaomi announced to launch of its Mi Credit platform for personal loans in India on 3 December. As the name suggests, Mi Credit is Xiaomi’s personal loan platform for Mi users, which will now be unveiled in a revamped version.
The Mi Credit platform will be currently available for young users over 18 years old. It may offer loans of up to 1 Lakh Rupees at 16.2% interest per annum. One can repay the loan amount in EMIs. Xiaomi may offer flexibility to choose EMI tenure ranging from 3 months to 12 months. It may waive off the processing fees as well as the time of launching the service.
This is not for the first time that Xiaomi is foraying into financial service. It may be recalled, Xiaomi has announced the Mi Pay Digital payment solutions in India last year in partnership with RuPay and ICICI Bank.
There is no confirmation on whether Xiaomi will also extend its loan service to other users. However, the company has partnered with financial loan providers for its credit service.
Apart from a new interface, the revamped Mi Credit app could make the digital application process even simpler, shorter. The company hasn’t said anything about the updated version of the app but a new Mi Credit app has already landed on the Play Store. The company has sent out invites for an event, which would see the re-launch of the service.