Chennai: Xiaomi recently announced Mi Credit, its digital lending solution in India. According to a press release, Mi Credit is Xiaomi’s second Mi finance solution to be launched in India after Mi Pay. Mi Credit is an online curated marketplace for lending.
The current lending partners are primarily NBFCs or Fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya, the release noted. Mi Credit provides an easy application process for securing loans. First time users can complete the digital application form within five minutes and repeat customers can avail a loan with one click disbursement, the release added.
Vice-president, Xiaomi and managing director, Xiaomi India, Manu Jain said, “In India, the lending industry is on an explosive trajectory. As per a recent report from CIBIL, there are over Rs 4 lakh crores worth of personal loans outstanding from nearly 1.9 crore customers with each user accounting to an almost Rs 2 lakh of outstanding amount. We are bringing Mi Credit to India hoping to provide yet another innovative and truly digital solution for their lending needs.”