Xiaomi announces Mi Credit to provide financial loans to users

Xiaomi today announced a new service for its users in the form of Mi Credit to serve as a platform for users to initiate financial loans. Financial loan providers are listed on Mi Credit, and Xiaomi users can log into the platform to apply for quick loans.

Mi Credit is currently available in partnership with KreditBee, an instant personal loan platform for young professionals. Currently, Mi Credit is only available to MIUI users where KreditBee offers loans from Rs 1,000 to Rs 100,000. The loan through KreditBee can be initiated in less than 10 minutes with a KYC verification. All verifications and entry of user information are performed on partner platforms, with Mi Credit currently only listing all agents.

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Manu Jain, Vice President of Xiaomi and General Manager of Xiaomi India, said: “Xiaomi provides internet services to provide our users with a full mobile internet experience, and MIUI operates as an open platform to enable us to provide our wide range of Internet services, such as content, entertainment, financial services and productivity tools.

Mi Credit is the third value-added internet service for Indian Mi fans after Mi Music and Mi Video, which were recently announced in May 2018.

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