- The companies said that this service will let Xiaomi users aged 18 and above get a loan online, ranging from Rs 1,000 to 1 lakh
- This is the second financial product being made available by Xiaomi in India, after Mi Pay
Xiaomi has partnered with Money View to launch Mi Credit in India. Money View is in the personal lending space. The company aims to provide responsible credit access to Indians.
“Xiaomi India brings along an unmatched understanding of the Indian mobile ecosystem and we are delighted to have partnered with them for the Mi Credit app,” said Puneet Agarwal, Co-founder, Money View.
Providing easy credit access
He added, “With Money View’s the expertise of providing easy credit access to the traditionally underserved consumers and Xiaomi India’s distribution, we are looking forward to creating an accelerated impact towards a more financially inclusive India.”
Hong Feng, co-founder and senior vice president, Xiaomi Corporation and chairman and CEO, Xiaomi Finance told LiveMint that Xiaomi offers a variety of financial solutions like wealth management and insurance products in China, and is keen on bringing these to India as well in collaboration with various partners.
The companies said that this service will let Xiaomi users aged 18 and above get a loan online, ranging from Rs 1,000 to 1 lakh. Users can later repay the loan in installments with interest that will be decided by the plan that you opted for. The entire process will be online. Eligibility will be notified during the process of application and there will be real-time disbursement of funds.
This is the second financial product being made available by Xiaomi in India, after Mi Pay. Mi Pay is a UPI-based payment app available on MIUI phones. It was launched in India in March 2018, and has over 20 million registered users.