Xiaomi launches personal loan service Mi Credit in India for Android phones

New Delhi: Chinese major Xiaomi on Tuesday formally launched its lending platform Mi Credit in India, wherein individuals can avail up to ₹1 lakh loan, and said it plans to introduce more financial products.

Till now, the company has been operating Mi Credit platform on a pilot basis.

Last year, it had announced to offer loans of up to ₹1 lakh in partnership with KreditBee.

“We have been running pilots in different forms and this is the first formal launch. Mi Credit is an online curated marketplace for lending to offer the best personal loans…People can get up to ₹1 lakh of loan and the process takes minimal time,” Xiaomi Vice President and India Managing Director Manu Jain said.