Xiaomi’s Mi Credit service is officially out of beta in India. The Mi Credit service was initially launched as a pilot earlier in the year, and going by Xiaomi’s figures, was met with resounding success. Xiaomi claims the service has helped “disburse loans of over 28 crores (approximately ~1 Cr / day) in November 2019.” Which is why the company is now opening the service for more users.
The Mi Credit service is now available for a wider audience and not just limited to MIUI or Xiaomi smartphone users. The Mi Credit app is now available for download and install from the Google Play Store, in addition to Xiaomi’s own GetApps store. There’s no word if and when Xiaomi will roll out the service for iOS users.
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.” 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.
Here's introducing #MiCredit a curated marketplace for lenders.— Mi Money (@MoneyWithMi) December 3, 2019
- 100% Digital
- Apply for loan in 5 minutes
- High success rate, higher loan amount, low interest rate
- Free Credit Score
- Encrypted data locally stored
Get it on @googleplay and GetApps #MoneyWhenYouNeedIt pic.twitter.com/jc1oAqOn9k
Xiaomi says, the Mi Credit service will allow 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. 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 will also allow customers to check their credit score through Xiaomi’s association with Experian.
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.