Diving further in to the Financial Domain Xiaomi has launched its second offering after
UPI based payment serviceMi Pay called Mi Credit.
Mi Credit aims to be the platform where lenders can quickly disburse loans without any prolonged waiting time.
Through this new Money lending solution Xiaomi aims to provide Personal loans up to 1 lakh in less than 5 mins.
Imagine being able to get Personal loans in less than 5 mins.
For the same Xiaomi has launched a new App called Mi Credit on Google Play Store.
In my opinion this app will read your SMS related to banking transactions and will prepare your income/expenditure profile.
However, the company says that your data is SAFELY ENCRYPTED and is STORED LOCALLY IN INDIA in Amazon Cloud so need to be paranoid about it.
Mi Credit will come up with its own Credit Score rating system based on your payment history e.g. how fast your repay loan with interest.
Though the app you will be able to perform the KYC verification, repayment, disbursal of money digitally, saving your trips to banks and eliminating paper trail.
As per Xiaomi they have been running a pilot in the country since March this year and have disbursed around 28 crore so far.
Xiaomi has teamed up with Aditya Birla Finance Limited, Money View, Early Salary, Credit Vidya and Zest for lending money.
Mi has already launched this service in China and has been successful.
In India, however Xiaomi has a huge fan base mostly though its smartphone users.
Infact Xiaomi is betting so much on this that in coming future all Xiaomi smartphone will have this app pre-installed.
Xiaomi is banking on these two factors i.e.a huge fan/customer base, robust smartphone sale and lower Interest Rates to succeed in its new venture.
Well what can i say except ALL THE BEST.