Xiaomi has launched Mi Credit in India, an "instant personal loan platform for young professionals." The Chinese company says Mi Credit acts as a platform for its users to "initiate financial lending." The company has listed the financial loan providers on Mi Credit, and users can log onto the platform to apply for quick loans. Xiaomi has announced the Mi Credit service in partnership with an instant personal loan platform called KreditBee. Mi Credit is the company's third value-added Internet service for its users after Mi Music and Mi Video that were recently announced in May 2018.
Xiaomi's Mi Credit platform is available only for MIUI users. KreditBee, by offering loans from Rs. 1,000 up to Rs. 1,00,000, aims to make it convenient for young professionals to get personal loans. Xiaomi says that the loan can be initiated in less than 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. As we mentioned, Xiaomi specifies that the service is aimed only at MIUI users, it will not be available for stock Android phones like Xiaomi Mi A1.
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."
The company's major push towards lending appears to be aimed at boosting sales of its products through its own platform. After having already soared in terms of the overall market share in India, Xiaomi could be planning to replicate in terms of online sale of smartphones as well.