After capturing the Smartphone market in India, the Chinese electronics company Xiaomi is now entering the finance market by launching a digital lending app Mi Credit.
What service it will provide?
Mi Credit offers its users small loans up to Rs. 1 Lakh at low interest. Real-time loan processing is done and in less than 5 minutes users can get loan amounts credited in their bank account. The app user has to submit routine detail like Address, PAN Card and bank detail. The app will also provide a credit score report free of cost.
The app will be available through the Google app store for all android based smartphones
Data Privacy is important!
The company ensured data privacy and mentioned user’s data will be stored in encrypted format in Indian data centers.
The Coverage Area
Mi Credit is currently available in 10 states, covering around 1500 pin codes. And from March, 2020 the service will be available to all of India.
Any Business Partners?
To analyze credit eligibility and to facilitated loan processing, the company partnered with Indian Fin-Tech firms such as Aditya Birla Finance Limited, EarlySalary, Money View, Zestmoney and CreditVidya.
How it will perform?
While running pilot(Trial) of Mi Credit app, the company has already disbursed the loan of more than Rs.28Cr
This Xiaomi is already no.1 smartphone seller in India, and now offering Mi Credit app preinstalled in all it’s android based devices, you can imagine how much this app is going to be utilized! And indirectly it will further increase its smartphone sales.
The Starterr Question:
Why in China, Only Chinese companies dominate the smartphone market, but in India no Indian company dominates!
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