Chinese smartphone giant is all set to revamp and launch Mi Credit in India. The company had first introduced this service last year.|
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Xiaomi had first launched Mi Credit in India last year in May.
At the time Xiaomi had partnered with KreditBee in India.
Now, Xiaomi is likely to launch a revamped version of Mi Credit in India.
Xiaomi is all set to launch Mi Credit in India. The Chinese smartphone giant will launch its personal loan service, Mi Credit, for Xiaomi device users in India on December 3, 2019. This, however, is the not the first time that the company has launched Mi Credit in the country. Xiaomi soft-launched Mi Credit in India in May last year. At the time, the company had partnered with a Bengaluru-based startup, KrazyBee, to launch its valued added internet based service in the country. Now the company is formally launching Mi Credit in India.
It is worth noting that, Xiaomi doesn't lend the credit amount to a Mi user via Mi Credit. Rather it acts as an interface that allows users to initiate instant loans. In essence it connects a user in need of a loan to a service that can provide a user with an amount ranging between Rs 1,000 and Rs 1,00,000. Mi users can then pay the loan back in easy monthly installments with an interest rate over a set period of time.
So how can Mi users use this service? The answer is simple. Xiaomi already has an app called the Mi Credit app on the Google Play Store that allows users to apply for instant loans. Any user who is over 18 years of age can apply for a loan up to Rs 1 lakh, which can be repaid with easy EMIs over a period ranging between 91 days and 3 years. The interest rate starts at 1.35 per cent per month. "For example, if the loan amount is Rs20,000, interest charged is 16.2 per cent per annum and the loan is to be repaid over 6 EMIs, then the overall interest payable would be ?937 and the EMI per month would be ?3423," Xiaomi explains in its app description in the Play Store.
To apply for a loan, Mi users need to install the Mi Credit app from the Google Play Store and register through their Mi account or phone number. Next, they will have to upload KYC documents, such as ID and address proof, and add personal details for online verification. Next, users need to add bank details to facilitate transactions following which an amount up to Rs 1,00,000 is disbursed to their bank accounts.
In order to fulfill the basic functions of our service, the user hereby agrees to allow Xiaomi to collect, process and use personal information which shall include but not be limited to written threads, pictures, comments, replies in the Mi Community, and relevant data types listed in Xiaomi's Private Policy. By selecting "Agree", you agree to Xiaomi's Private Policy and Content Policy .