Chinese smartphone maker, Xiaomi will re-launch it’s Mi Credit platform in India on 3rd December as revealed by the company. They had already introduced the Mi Credit for personal loans in May 2018. Therefore, there are chances that the company might be launching an improved version of the app this time.
When it was introduced last year, Mi Credit was an instant money lending app. The MIUI users could access the money lenders who were listed in the Mi platform for immediate loans. The users could avail of loans ranging from Rs. 1000 to Rs. 1,00,000 with a monthly interest of 3%. The loans could be initiated within minutes through a simple Mi Credit KYC verification.
A new version of Mi Credit app was uploaded in Google Play this month and this shows that the company is planning to introduce a new version of an improves version with better User Interface.
Xiaomi has sent out invitations for the launch on Thursday and not much information is available about the new Mi Credit app. Initially in 2018 when it started, they had partnered with KreditBee which is Bangaluru based startup. KreditBee used to charge a processing fee of Rs. 100 or more depending on the loan amount and this used to be deducted before the loan was dispersed to the applicant.
The lending service appears to be aimed at boosting the sales of the company’s products through its own platform. The response of Indian customers towards Xiaomi’s Credit App is unclear at the moment and the relaunching might be a way to revitalize their interests in Xiaomi’s services.