Chinese handset maker Xiaomi on Thursday announced that over Rs 125 crore worth loans were disbursed via its digital lending solution Mi Credit in India till December 2019. Initially launched in May 2018 and then relaunched on December 3 last year, Mi Credit is an online curated marketplace for lending, to offer personal loans to Mi Fans. According to the company, 50 percent of loans were disbursed to non-Xiaomi Android smartphone users.
Xiaomi’s current lending partners are primarily non-bank financial institution (NBFCs) or fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. This is Xiaomi’s second Mi Finance solution after Mi Pay in the country. Mi Fans can check their credit score instantly on the app for free.
“Till December 2019 end, over one million users have availed this service within the Mi Credit app”, said Xiaomi. According to the company, it disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the pilot phase which ran though November 2019.
This is how it works. Mi Credit provides an easy application process for securing loans, with an intuitive interface. First-time users can complete the digital application form within five minutes, and repeat customers can avail a loan with one click disbursement. Once the loan is approved, the consumer has the option to choose the amount and the tenure of the loan.
Xiaomi’s Mi Finance business started four years ago in China. Today, the company has over 300 million Mi Fans in its global community.
You can download the Mi Credit app from free from the Google Play Store.
Featured image Courtesy: Xiaomi