Xiaomi has today announced the launch of its personal loan service in India. Dubbed as Mi Credit, the digital lending service is currently available only for Android users in the country.
The Mi Credit app can be downloaded from Google Play Store and one can register using Mi account or phone number. The company has revealed that the platform will provide loans ranging from Rs 5,000 to up to 1 Lakh and it is valid for customers above the age of 18.
Xiaomi has partnered with different lending partners including Aditya Birla Capital Personal Finance, Money View, EarlySalary, CreditVidya and ZestMoney for Mi Credit. It also supports all major banks in India. The brand reveals that the loan application process for the loans can be processed in not more than 6 minutes and it claims the whole process is 100 per cent digital.
The company has also revealed that users can choose the amount and tenure of the loan once it is approved. Furthermore, users will repayment period from 91 days to 3 years with an interest rate starting at 1.35 per cent per month. One can also check the credit report on the Mi Credit app. Interestingly, the company claims that all the user data is encrypted through the Amazon Web Services cloud server. Xiaomi revealed that it has been running a pilot project of Mi Credit in the country and it has disbursed 28+ crore loans.