The Chinese tech brand, Xiaomi, has launched its second finance app on Android’s Play Store in India. The app is called Xiaomi Mi Credit app and is now available on Play Store for a free download. By launching this app in India, Xiaomi has entered into finance assisting services after it’s Mi Pay which is a online payment transfer app.
The Mi Credit app has a credit lending limit of Rs. 1 lac and the company has taken onboard 5 of the Non Banking Finance Company (NBFC) like Aditya Birla Finance Limited, Money View, EarlySalary, ZestMoney and CreditView to provide the credit facility to the applicants. The company has also integrated Experian to help find the credit score of the applicants free on it’s app.
We have been running a pilot of #MiCredit and are happy to announce that we have disbursed 28+cr loans. 20% of the loans disbursed were for the highest loan value. #MoneyWhenYouNeedIt pic.twitter.com/CCEhCBBEf8
— Mi Money (@MoneyWithMi) December 3, 2019
As a pilot project, Xiaomi has integrated 1500 pin codes of 10 Indian states, while the company aims at expanding it gradually. The company has revealed that it plans to integrate all the pin codes of all the states of India by March 2020.
The app is also planned to be integrated in the MIUI OS powered smartphones. Apart from being available on Google’s Play Store, the app is also available on Xiaomi’s App Store and GetApps on Android based handsets. Though, the company hasn’t revealed anything about the availability of Mi Credit app on Apple’s App Store.
As for the manual to use the app, the Mi Credit App is a free app to download, where a user will be required to apply for a credit facility by uploading it’s documents. The app doesn’t require paper documents to process the loan application. You will also be able to see your credit score in order to check your eligibility for a credit facility.
It is to be noted that Ajanta News has not yet applied for any credit facility using this app, so we might not be able to tell you if the app works efficiently. It is, hence, advised to check all the information and terms & conditions of the credit facility before applying for a credit facility on the Mi Credit app.