Smartphone brand Xiaomi has announced that its online lending service Mi Credit launched only last month, has disbursed over Rs 125 crores worth of loans in India until the new year.
The online curated marketplace for lending gives users quick and easy personal loans by filling an online application for them, and once approved they have to pick its amount and tenure all online, through its application. Users can also check their credit score on the service.
About the service, the electronics brand announced that by 2019’s end over one million users had availed it, adding that almost 50 per cent of them were non Xiaomi Android smartphone users.
Mi Credit’s current lending partners are primarily NBFCs or Fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya.
Launched on 3rd December 2019, the Mi Credit app comes preloaded on all MIUI phones. This is not Xiaomi’s first finance product, it had launched Mi Pay as well last year. Meanwhile at the launch of its crediting service last month, Hong Feng, chairman and CEO of Xiaomi Finance had said that the corporation is keen on bringing more of its financial products into the country.