Xiaomi continues its advance in the Indian financial world, this time with the Mi Credit digital loan platform.
Mi Credit is an online marketplace where Indians can avail instant loans up to Rs XNUMX million. The idea is to make loan applications faster, simpler and more secure without the need for complicated paperwork, creating a fully digital experience.
How does it work?
(Image credit: Xiaomi)
Not surprisingly, the entire process takes place in the Mi Credit app. It is said to take less than five minutes for new users and even less for returning users. Loans are approved based on your credit score, which is calculated by Experian, a credit evaluation company.
Current lending partners include NBFC and fintech companies like Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. These partnerships are supposed to develop.
How to get an instant loan through My Credit
(Image credit: Xiaomi)
Once the app is installed, sign in to Mi Credit and create an account. Add your contact information, such as your contact information and KYC documents such as proof of identity and address.
After verification, add your bank details for the account you want to receive the money to. Depending on your credit score, you will qualify for a loan of up to Rs 1,000,000, which will be disbursed immediately.
Xiaomi also ensures that sensitive data is not shared with third parties. All information needed by Mi Credit is stored in the AWS Cloud infrastructure in an encrypted format and will always be stored locally.
A pilot operation was carried out last month, during which more than 20% of users received the highest possible loan. 10 states and more than 1,500 PIN codes have been covered and Xiaomi expects to have 100% coverage by the end of the current fiscal year.