Xiaomi will re-launch its Mi Credit platform for personal loans in India on December 3, the company has revealed. Given the Chinese smartphone maker had originally launched Mi Credit in May last year, it is very likely that the company will now unveil a revamped version in the country. Nothing about the revamped version is available right now, however a new version of the Mi Credit app that was uploaded to Google Play Store earlier this month suggests that the company is planning to announce a new feature and revamped user interface.
The smartphone maker sent out invites for the upcoming launch on Thursday. Initially launched in May 2018, Mi Credit is the company's service that acts as a platform for users to initiate instant financial lending in India. According to the company, Mi Credit, at the time of launch, was available in partnership with KreditBee which is an instant personal loan platform for "young professionals". KreditBee is a Bengaluru-based startup.
As a part of the existing Mi Credit service, a loan can be initiated in under 10 minutes with a simple KYC verification on the platform.
Notably, when launched, Mi Credit was the third value-added Internet service for Indian Mi users after Mi Music and Mi Video.
The company's major push towards lending appears to be aimed at boosting sales of its products through its own platform. Also, as it is unclear exactly what kind of response Mi Credit has received until now in the country, and the re-launch may be used to reinvigorate interest in the service by Xiaomi.