Mi Credit (service of microloans)

2019: Start of service of microloans

At the beginning of December, 2019 Xiaomi started in a public access service for Mi Credit microloans. It allows to make out the credits in five minutes without visit of departments of banks.

The Mi Credit platform began to be tested in India in 2018. During tests through it loans for the total amount of 280 million rupees (about $3.9 million) were issued. In 20% cases the maximum credit amounts (by the beginning of December, 2019 the limit makes 100 thousand rupees / $1400) were issued.

Xiaomi started in a public access service for Mi Credit microloans. It allows to make out the credits in five minutes without visit of departments of banks

Affirms that people regardless of their credit history and credit rating can obtain loans. The last can be checked free of charge in India. And all data of users are stored in encrypted form in the Indian data centers.

It is possible to select the amount and a loan term after its approval from the Mi Credit application. The period of crediting varies from 90 days to 3 years, and the interest rate begins with $1.35 a month.

During Mi Credit testing the Xiaomi company cooperated only with one financial institution — KreditBee. After final start of service several partners, including Aditya Birla Finance Limited, Money View, EarlySalary, CreditVidya and ZestMoney were attracted at once.

To issue the credit through, it is necessary to follow these steps:

• Install the Mi Credit application from Google Play Store and be registered through an account of Mi or the phone number.
• Load documents and add personal data for online check
• Add bank details on which service will transfer a credit. All large banks are supported.

Xiaomi not casually selected India as the first country for start of service of microloans. There the company is in the lead on sales of smartphones of 10 quarters in a row (by the beginning of December, 2019), having implemented tens of millions of tubes.^[1]

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