Xiaomi Mi Credit Personal Loan Service Re-Launched in India With Promise of Real-Time Approval, Paperless KYC

Xiaomi has re-launched the Mi Credit personal loan service in India, its second Mi-branded financial solution service after the Mi Pay. Xiaomi defines Mi Credit as “an online curated marketplace for lending, to offer the best personal loans to Mi Fans". The company says that Mi Credit is built to emerge as the first personal loan disbursement service for young professionals and millennials, and also aims to make the whole process quicker and more convenient with a 100 percent digital approach. More importantly, Xiaomi says that all financial data from Mi Credit service will be encrypted and locally stored.

The company has joined hands with Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya among other Fintech brands and NBFCs as lending partners for Mi Credit service. Xiaomi claims that Mi Credit will offer an easy application process for securing loans with the added perk of real-time approval. All one has to do is upload the necessary identification documents, take a selfie and then provide the reason behind applying for a loan.

Xiaomi says paperless KYC is one of the key advantages of Mi Credit and that the loan can be credited in accounts across all major banks in the country. Also, all data will be stored on Mi Servers in India courtesy of Amazon Web Service's cloud infrastructure for security reasons. The company also adds that Mi Credit will offer higher loan amount at a lower interest rate than any other existing solutions in the market. Plus, there is a free credit report generation service that will be powered by Experian's credit reporting solution.

The Mi Credit app will come pre-installed on Xiaomi's phones, and can also be downloaded from the Play Store and the in-house Get Apps. During the pilot stage of Mi Credit service's testing in November, Xiaomi claims to have disbursed personal loans worth around Rs. 28 crores. As of now, Mi Credit service is available in over 10 states serving more than 1,500 PIN codes, and aims to cover more than 19,000 PIN codes by the end of the fiscal year 2019. To recall, the Mi Credit platform was originally launched in India back in May this year in partnership with an instant personal loan platform called KreditBee.