Xiaomi is all set to launch its 'Mi Credit' credit lending service today in India. This won't be the first time Mi Credit makes its debut in India, as the Mi Credit app is and has been available in the Google Play Store for quite some time now. The app supposedly provides personal loans to users, with the service soon to bring similar features, only "better".
Mi Credit was first >announced last year in May, and the platform is expected to be revamped by Xiaomi with the re-launch. It was initially launched in partnership with Bangalore-based startup called KrazyBee and the service was limited to MIUI users only. While there is no confirmation if this time, it will be offered to other users as well, but we can't dismiss the possibility just yet.
Based on what we know from the earlier iteration of Mi Credit, a user could apply for the loan simply by using his/her Mi account or phone number to upload the KYC document that includes ID, address proof and so on. The next step was to fill up the required bank details that you want the fund to be transferred to. All this process is supposed to take barely ten minutes. Users could apply for personal loan amounts between Rs 1,000 and Rs 1,00,000.
Xiaomi's launch event is being held in New Delhi today, and is expected to kick off at 12 noon. Stay tuned as we bring you updates via our live tweets from the event.