The Chinese smartphone maker Xiaomi, on Thursday, launched its new service called as ‘Mi Credit’ in India. The service is intended to act as a platform for users to facilitate financial lending. Xiaomi’s Mi Credit platform is available only for MIUI users.
The company has listed the financial loan providers on Mi Credit, and users can log onto the platform to apply for quick loans. As of now, “Mi Credit” is only available in partnership with KreditBee – an instant personal loan platform offering loans specifically targeted towards “young professionals”. According to the Mi Credit Website, the monthly interest for a loan up to Rs 1,00,000 at 3% interest per month, and in addition, there’s also a processing fee ranging from Rs 100 to Rs 1000 depending on the loan amountThis is not the first time Xiaomi is offering a value-added service along with its software, in fact, this is their third one to join after Mi Music and Mi Video that were recently announced in May 2018.
Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India, said,
“The connectivity between our devices and the seamless integration between hardware and internet services enable us to provide our users with better user experience. Mi Credit is another big step in bringing an important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated.”
With this app, the loans can be initiated in under 10 minutes with a simple KYC verification. All verification and user information input is done on partner platforms, and the Mi Credit website only lists the names of the agents. More importantly, Xiaomi specified that the service is aimed only at MIUI users thus it will not be available for stock Android phones like the Xiaomi Mi A1.
Now the question is, will it be beneficial for the people? As we have studied, taking debt is not a good financial decision. Considering the amount of interest rate, it is hard to say whether this app will be really useful for people or not. But, we will be bringing you all the news and updates related to Xiaomi.
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