Xiaomi launches digital lending, with instant loan offers on user phones
Xiaomi is looking at launching more of value added services, after Mi Music and Mi Video Leading smartphone entity Xiaomi has entered the digital lending space in India, with the launch of a ‘Mi Credit’ product. The company is offering instant personal loans to its users, through offers that appear on their lock screen while they are using the phone. The company launched this in partnership with KreditBee, a lending platform aimed at students and young professionals. Xiaomi’s loans are also aimed at young professionals -they cater to short-term needs for cash. The company says the loans can be initiated in 10 minutes through a simple KYC (Know Your Customer) verification. Xiaomi’s partner is responsible for disbursing the loan; its platform functions as a loan aggregator. More partners are to be added but KreditBee is offering loans from Rs 1,000 to Rs 100,000 on Mi Credit to Xiaomi users at an interest rate of three per cent a month, translating to 36 per cent annually — in ...