Xiaomi’s Mi Credit offers instant loans up to Rs 1 lakh to MIUI users in India
Expanding its portfolio of value-added internet services, Xiaomi has launched its own instant lending platform Mi Credit in India. The platform lists financial loan providers that MIUI users can access to apply for quick loans.
MIUI users can avail personal loans from Rs 1,000 to Rs 1 lakh from the only loan provider listed on Mi Credit, Kreditbee. Xiaomi claims that loans can be initiated in 10 minutes through Mi Credit with simple KYC verification. All loan verification and user information input is done on the partner platforms, while Mi Credit only lists loan providers.
“Xiaomi provides internet services to give our users a complete mobile internet experience, and MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools. The connectivity between our devices and the seamless integration between hardware and internet services enable us to provide our users with better user experience. Mi Credit is another big step in bringing an important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated,” said Manu Jain, Vice President, Xiaomi.
Notably, Kreditbee is the only loan provider listed on the Mi Credit. While Xiaomi’s lending platform is exclusive to MIUI users, Kreditbee on its own is available acorss the Android ecosystem via its mobile application, and is expected to make an appearance on the iOS platform some time soon. Thus, even non-MIUI users can also avail loans from Kreditbee.
All that is to know before getting a loan from Kreditbee
Kreditbee calls itself an instant personal loan platform for young professionals which offers them salary advance up to Rs 1 lakh with different repayment tenures. The first is personal loan between Rs 1,000 and Rs 9,900 which has to be repaid within 15 days of the loan processing date. The next is a short-term personal loan starting from Rs 10,000 to Rs 1 lakh. The loan repayment tenure varies from 30 days to 90 days, depending on the loan amount.
The Mi Credit website lists the monthly interest rate at 3 per cent for loans up to Rs 1 lakh from Kreditbee. “For 15-day loan products from Rs 1,000 to Rs 9,900, we charge a flat interest at 1.48 per cent (annualized interest rate: 36 per cent per annum). For 30-90 day loan products from Rs 10,000 to Rs 1 lakh, we charge an annualized interest rate of 36 per cent per annum,” Kreditbee says.
Kreditbee also charges a processing fee ranging from Rs 100 to Rs 1000 depending on the loan amount. This processing fee is deducted up front from the loan amount and before it is disbursed to the loan applicant’s account.