Chinese smartphone maker Xiaomi officially launched its loan solution, Mi Credit, in the Indian market on Tuesday. It is also Xiaomi’s second financial solution in India, after Mi Pay. Xiaomi said Xiaomi Credit would offer users between 5,000 rupees ($70) and 100,000 rupees ($1,400) at lower interest rates. Xiaomi Credit is intended for individual users, especially young professionals and millennials.
Xiaomi said the company has partnered with a number of start-ups, including Bangalore-based ZestMoney, Credit Vidya, Money View, Aditya Birla Finance Limited and Early Salary. To work together to determine whether a consumer is eligible for a loan before funding.
Users need to have Xiaomi Credit access to their text messages and call logs to find transaction information and other details to assess their personal credit level. Manu Jain, Xiaomi’s vice-president, told a conference in New Delhi that the process took only a few minutes.
Executives at Xiaomi Credit, a partner start-up, say the biggest attraction for Xiaomi Credit’s partners is that they have access to Xiaomi’s large user base. In the Indian market, Xiaomi has been the largest smartphone maker for nine consecutive quarters, with a large number of mobile phone users. Xiaomi recently revealed that more than 100 million smartphone shipments have been shipped in India.
Xiaomi said the Xiaomi Credit app will be pre-installed on all Xiaomi smartphones running the MIUI operating system. For non-Milusers, you can download the installation from the Google Play App Store.