Xiaomi has today announced Mi Credit service in India, in partnership with KreditBee which will be offering personal loans from Rs. 1,000 (approximately $15) up to Rs. 100,000, which roughly converts to $1,500.
The service, which is aimed at young professionals, can be initiated in less than 10 minutes with a simple KYC verification and offers tenure between 15 days to 90 days with interest rate of 3 percent per month. However, the service is currently available to MIUI users only and will not be available for stock Android phones like Xiaomi Mi A1.
The company says that Mi Credit acts as a platform for users to “initiate financial lending.” Xiaomi has also listed the financial loan providers on Mi Credit where users can log onto the platform and apply for quick loans.
The launch of Mi Credit marks the company’s third value-added internet service in India after the company launched Mi Music and Mi Video earlier this month. Commenting on this development, Manu Jain, Vice President, Xiaomi and Managing Director of Xiaomi India said, “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.”
Xiaomi is also gearing up to launch a new smartphone in India. The company has started sending out media invites to announce a new smartphone in India on 7th June. The invite hints at a camera-centric device. Xiaomi is believed to be launching Redmi S2 in India but is expected to be rebranded as Redmi Y2 in India.