Xiaomi will re-launching its Mi Credit platform for personal loans in India on December 3, the company has confirmed. Given that the Chinese smartphone maker had originally launched Mi Credit in May last year, it seems that the company will now unveil a revamped version in the country.
While nothing is known about the revamped version of this service, a newer version of the Mi Credit app has been uploaded to Google Play Store earlier this month which suggests that the company is planning to announce a new feature and revamped user interface.
The company has also 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.
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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. As said, it remains to be seen how the service will be different from the earlier one.
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