Xiaomi Says It Disbursed Loans of Over Rs 125 Crores in India Till December 2019

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  • The company said that nearly 50 per cent till December were given to non Xiaomi Android smartphone users
  • As per Xiaomi, first time users can complete the digital application form within five minutes
Image for representation (pic credit-Flickr)

Xiaomi has announced that its digital lending service Mi Credit has disbursed loans of over Rs 125 crores in India till December 2019. Mi Credit was launched on 3rd December last year.

It also said that nearly 50 per cent till December were given to non-Xiaomi Android smartphone users. The company said in an official release that over one million users availed checking their credit scores instantly on the Mi Credit app for free. This service was provided by Irish credit reporting company Experian till December of last year.

Preloaded on all MIUI phones

Presently, the lending partners are NBFCs or Fintechs like Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. As per Xiaomi, first time users can complete the digital application form within five minutes. Repeat customers can access it with one click disbursement claims the company.

After the loan has been approved, the consumer has the option to choose the amount and the tenure of the loan. This credit facility comes preloaded on all MIUI phones. It can be downloaded from Google Play Store, GetApps and Xiaomi’s app store.

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