Xiaomi has been into the apps and services for a while now, and now, it’s getting into the financial sector deeply with the Mi Credit service. Mi Credit was announced a while ago but the service is now available full-fledged for all Android phone users. The prime motive of the Mi Credit service os to aid personal loans within 5 minutes, including all the processes for getting the loans. Users can already get the Mi Credit app on the Google Play Store.
For those who are confused, Mi Credit is different from Mi Pay. Mi Pay is Xiaomi’s own app for aiding UPI-based money transactions, similar to how Paytm and PhonePe works. Mi Credit is different and it has nothing to do with transactions. The idea behind Mi Credit is to offer a platform where lenders can quickly disburse personal loans to users without a long waiting period. And Xiaomi has tried to make the service easy for users.
With Mi Credit, users will be able to get personal loans quickly. Users can apply for the loan easily and get the approvals in real-time. Xiaomi is also promising a lower interest rate for the loans. The entire process of KYC verification, repaying through e-mandates and disbursal of the money is done digitally. Hence, users don’t need to go through the hassles of tedious paperwork.
Xiaomi’s main selling point for Mi Credit is that users can get personal loans within 5 minutes – that’s much faster than doing the same directly with a bank. And to make it easy for both lenders and users, the app comes with a credit score rating based on how fast you repay your loan with interest. And if you are worried about your data privacy, Xiaomi says that it stores all the data in an encrypted format in its Indian Data Centers.
Mi Credit has already been on a pilot testing for a while and Xiaomi says that it has successfully disbursed more than 28 crore loans during the period. And 20 per cent of the users asked for loans as high as Rs 1 lakh in value.
Xiaomi says Mi Credit works with all major Indian banks. For lending, Xiaomi has tied up with a few partners such as Aditya Birla Finance Limited, Money View, Early Salary, Credit Vidya and Zest Money.
The Mi Credit service has gone live and all users with Android phones can download it from the Google Play Store. Xiaomi hasn’t said anything about its availability on iOS devices so far.