Xiaomi will be launching a personal loan platform, Mi Credit, on December 3 in India.
Mi Credit service will be available for users over 18 years old. It may offer loan up to 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 at the time of launching the service.
Most probably dispersed loan amount could be used for personal requirement along with buying Xiaomi Products. We will come to know about the nitty-gritty and all the features on December 3.
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.
Mi Pay Users could transfer money through UPI, make payments toward services like mobile phone bills, DTH recharges, gas, electricity or water bills. Also, like other payment services, users were also able to request money and collect money from other UPI users and pay for services that accept UPI-based payments.
The Mi Pay were allowed to link or unlink their bank account and also modify the UPI PIN directly for their account. Last Year, Xiaomi had obtained clearance from the National Payments Corporation of India (NPCI), paving the way for their entry into digital payments service.