Xiaomi's Mi Credit Has Disbursed Loans Worth Rs 125 Crore+ in India

Chinese handset maker Xiaomi on Thursday announced that over Rs 125 crore worth loans were disbursed via its digital lending solution Mi Credit in India till December 2019. Initially launched in May 2018 and and so relaunched on Dec 3 final year, Mi Credit is an online curated marketplace for lending, to offer personal loans to Mi Fans. According to the company, 50 percent of loans were disbursed to non-Xiaomi Android smartphone users.

Xiaomi's electric current lending partners are primarily not-bank fiscal establishment (NBFCs) or fintechs such equally Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. This is Xiaomi's second Mi Finance solution later Mi Pay in the state. Mi Fans can check their credit score instantly on the app for free.

"Till December 2019 end, over one million users accept availed this service inside the Mi Credit app", said Xiaomi. According to the company, information technology disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the airplane pilot stage which ran though November 2019.

This is how information technology works. Mi Credit provides an like shooting fish in a barrel application process for securing loans, with an intuitive interface. First-time users can complete the digital application class within 5 minutes, and repeat customers can avail a loan with one click disbursement. Once the loan is canonical, the consumer has the pick to choose the amount and the tenure of the loan.

Xiaomi'due south Mi Finance business started 4 years ago in Red china. Today, the company has over 300 1000000 Mi Fans in its global customs.

You can download the Mi Credit app from gratuitous from the Google Play Store.

Featured image Courtesy: Xiaomi