Xiaomi today joined a growing wave of fintech startups in the nation that are offering credit to aspirational young professionals and millennials.The Chinese electronics giant said today it is launching Mi Credit, its curated marketplace for digital lending, that offers users credit between Rs 5,000 ($70) and Rs 100,000 ($1,400) at “low” interest rate.
Xiaomi said it has partnered with a number of startups such as Bangalore-based ZestMoney, CreditVidya, Money View, Aditya Birla Finance Limited, and EarlySalary to determine who should get a credit and then finance it.
Users are required to let Mi Credit app access their texts and call logs to look for transactional information and some other details to assess whether they are credit-worthy. This whole process takes just a few minutes and eligible users can walk out with some credit, said Manu Jain, Vice President of Xiaomi, at a conference in New Delhi.
Xiaomi, which has been the top smartphone vendor in India for nine consecutive quarters, has an install base in tens of millions in the country. The company has shipped more than 100 million smartphones in the country, it recently revealed.
Xiaomi said the Mi Credit app will be preinstalled on all Xiaomi smartphones running Android -based MIUI operating system. The app is also available for non-Xiaomi Android smartphone users from the Google Play Store. (It’s not available for iPhone users.)