Xiaomi forays into digital lending biz, brings Mi Credit to India

Xiaomi, the country’s No 1 smartphone and smartTV brand, has forayed into online lending, bringing ‘Mi Credit’ into India.

Personal loans upto Rs 1 lakh will be the first product that will be offered through Mi Credit, which is a curated online marketplace for personal loans.

In the pilot phase in November, Xiaomi has through Mi Credit App disbursed personal loans upto Rs 28 crore. “Currently, Mi Credit services more than 10 States spanning across 1,500 pin codes. We will expand its availability to 100 per cent of the pin codes (more than 19,000 pin codes) by the end of March 2020”, Manu Jain, Vice President, Xiaomi Global and Managing Director, Xiaomi India said here.