Business

Xiaomi launches lending platform Mi Credit in India

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Xiaomi launches

lending platform in India

Xiaomi on Tuesday formally launched its digital lending platform Mi Credit, in India, which can aid users with a personal loan of up to ₹1 lakh. “Mi Credit is an online curated marketplace for lending, to offer the best personal loans to Mi Fans…It’s built as the first personal loan choice for aspirational young professionals and millennials,” the company said, adding that the current lending partners included NBFCs or fintechs such as Aditya Birla Finance Limited.

Xiaomi further added that the platform was running in India under a pilot format, wherein Mi Credit had disbursed loans of over ₹28 crore in November 2019. “Over 20% of the users have availed the highest amount of loan ₹1 lakh,” it added.

Currently, Mi Credit services more than 10 States spanning across 1,500 pin codes, and aims to expand its availability to 100% of the over 19,000 pin codes by the end of FY2019.

“Xiaomi’s Mi Finance business started four years ago in China, with an aim to provide fintech innovation for everyone…We see a huge opportunity for consumer lending in India with estimations reaching up to $1 trillion dollars in digital lending by 2023, as per a report from BCG,” Hong Feng, co-founder and senior V-P, Xiaomi Corporation, and Chairman and CEO, Xiaomi Finance, said.

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Printable version | Dec 7, 2019 11:10:29 PM | https://www.thehindu.com/business/xiaomi-launches-lending-platform-mi-credit-in-india/article30152584.ece

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