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Updated January 9th, 2020 at 14:58 IST

Xiaomi says it disbursed loans of over 125 crore till December 2019 through Mi Credit 

Xiaomi on Thursday announced that it disbursed loans of over Rs 125 crore in India till December 2019 through its Mi Credit platform.

Reported by: Saurabh Singh
Xiaomi
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Xiaomi on Thursday announced that it disbursed loans of over Rs 125 crore in India till December 2019 through its Mi Credit platform. Xiaomi had claimed to have disbursed loans of over 28 crores (approximately ~1 Cr / day) in November 2019 through the platform while officially rolling it out of beta last month. Mi Credit was launched as a beta project in early 2019. 

Xiaomi claims Mi Credit is “an online curated marketplace for lending, to offer the best personal loans to Mi Fans.” In layman’s terms, Mi Credit is a money lending platform that serves as a connecting link between financial loan providers and, in this case, Android users looking for a “quick loan.” While it was initially available for MIUI users only, Mi Credit is now widely available for all Android users. Xiaomi claims the platform helped disburse nearly 50 per cent of loans to non-Xiaomi Android users. 

What is Mi Credit?

Mi Credit launched initially with just one loan provider, named KreditBee. The service now lists as many as five NBFCs or Fintechs namely, Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. 

Mi Credit allows customers – Xiaomi is particularly targeting young millennials – to avail loans of up to Rs 1 lakh in less than five minutes, while returning customers can get a loan within seconds, according to Xiaomi. The process is entirely digital. “Mi Credit provides an easy application process for securing loans, with an intuitive interface. Once the loan is approved within minutes, the consumer has the option to choose the amount and the tenure of the loan.” 

The service also allows customers to check their credit score through Xiaomi’s association with Experian. Till December 2019 end, over one million users have availed this service within the Mi Credit app, Xiaomi claims.  

Xiaomi is also touting Mi Credit’s privacy aspect that’s is in line with the company’s prior move wherein it had announced that data of Indian users who use its products and services will not be stored outside India. Xiaomi is using Amazon Web Services Cloud Infrastructure to store all user data locally in India.   

Also Read:  Xiaomi Mi Credit Out Of Beta, Claims To Offer Up To 1 Lakh Loan In Less Than 5 Minutes

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Published January 9th, 2020 at 14:58 IST

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