The Chinese Smartphone Giant recently introduced Mi credit offering its users instant loans. Xiaomi recently stated that Mi credit will have its financial loan providers listed on the platform for MIUI users to log in and apply for instant loans. The Mi Credit service is currently partnered with India's KreditBee. With the recent launches like Mi Music and Mi Video, Mi Credit will be its third value-added internet service announced in India.

Xiaomi's Mi Credit platform is available only for MIUI users where KreditBee is offering loans from Rs. 1,000 up to Rs. 1 lakh. Xiaomi states that the loan can be initiated in less than 10 minutes with a simple KYC verification. All verification and user information input is done on KreditBee platform while the Mi Credit website only lists the names of the agents. As mentioned earlier, Xiaomi specifies that the service is exclusive to MIUI users, it will not be available for stock Android phones like Xiaomi Mi A1.

A little about KreditBee, it is an Instant Personal Loan Platform for Young Professionals, where they can apply for a Salary Advance up to Rs. 1 Lakh as per their requirement. Indian individual above the age of 18 years, who is salaried or self-employed and has a monthly source of income can initiate this loan. Currently, KreditBee is the only loan provider on Mi Credit, but that may change in the coming months as the service gets more response.

Xiaomi Vice President and Managing Director, Manu Jain said, “Xiaomi provides internet services to give our users a complete mobile internet experience, and MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools.”

(The above story first appeared on LatestLY on May 24, 2018 04:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website