The Chinese smartphone giant will launch its personal loan service, Mi Credit, for Xiaomi device users in India on December 3, 2019. he company had partnered with a Bengaluru-based startup, KrazyBee, to launch its valued added internet based service in the country. Now the company is formally launching Mi Credit in India.
In essence it connects a user in need of a loan to a service that can provide a user with an amount ranging between Rs 1,000 and Rs 1,00,000. Mi users can then pay the loan back in easy monthly installments with an interest rate over a set period of time.
Xiaomi already has an app called the Mi Credit app on the Google Play Store that allows users to apply for instant loans. Any user who is over 18 years of age can apply for a loan up to Rs 1 lakh, which can be repaid with easy EMIs over a period ranging between 91 days and 3 years. The interest rate starts at 1.35 per cent per month. “For example, if the loan amount is Rs20,000, interest charged is 16.2 per cent per annum and the loan is to be repaid over 6 EMIs, then the overall interest payable would be ?937 and the EMI per month would be ?3423,” Xiaomi explains in its app description in the Play Store.