In addition to expanding its products ecosystem in India, Xiaomi is now making inroads into the country’s financial sector. The UPI-powered Mi Pay app saw the Chinese giant’s foray into this sector earlier this year. However, Xiaomi has now officially debuted its digital lending platform, Mi Credit, in India at a launch event today.
Once your loan application is approved, you can choose the loan amount, tenure, and a repayment period, as per your own convenience. The maximum loan tenure can be 36 months (3 years), with the interest rate going as high as 2.5% per month. It starts at just 91 days and the interest rate is 1.35% per month. Also, you need to be at least 18 years of age to borrow money via the Mi Credit app.
Xiaomi has signed up five lending partners including Aditya Birla Finance, Money View, EarlySalary, CreditVidya, and ZestMoney for Mi Credit in India. It even lets you keep a track of your credit score for free. This feature is powered by Experian.
