Xiaomi continues its foray into the Indian finance space, this time with the digital lending platform Mi Credit.
Mi Credit is an online marketplace where Indians can avail instant loans up to rupees one lakh. The idea is to make loan applications faster, easier, and more secure without the need for any hard paperwork, creating an entirely digital experience.
- The best tax software (opens in new tab) around
How does it work?
Unsurprisingly, the entire process takes place within the Mi Credit app. It is said to take less than five minutes for first-time users and even lesser for revisiting users. The loans are approved basis your credit score, which is calculated by Experian, a credit reporting company. Current lending partners include NBFCs and Fintech companies such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya. These partnerships are supposed to grow.
How to get an instant loan via Mi Credit
Once you have the app installed, register with Mi Credit, and create an account. Add your details, such as contact information along with KYC documents for ID and address proof. After verification, add your bank details for the account you wish to receive the money in. Based on your credit score, you will be able to avail of a loan of a maximum of Rs 1,00,000, which will be disbursed immediately.
Xiaomi is also ensuring that any sensitive data is not shared with outsiders and third parties. All the information needed by Mi Credit is stored on AWS Cloud infrastructure in an encrypted format, and will always be stored locally.
A pilot run took place last month, where over 20% of the users availed the highest possible amount of loan. Ten states and over 1,500 pin codes were covered, and Xiaomi expects to have 100% coverage by the end of the current financial year.
- Xiaomi launches (opens in new tab) its UPI-based digital payments app Mi Pay in India