Mi Credit launching again: Everything you need to know
What's the story
After announcing Mi Credit service for providing digitally-approved personal loans last year, Xiaomi is gearing up to launch the platform again on December 3. The company has sent out invites for an event, which would see the re-launch of the service, presumably with a new user-friendly interface and some more features. Here's all you need to know about it.
Mi Credit
Revamped version of Mi Credit likely on the way
Xiaomi had debuted Mi Credit in May 2018 through a partnership with KreditBee, a Bengaluru-based personal-loan start-up. Now, it appears that the tech giant will launch a revamped avatar of the service with a new UI and approval features. The company hasn't said anything about the updated avatar of the service, but a new Mi Credit app has already landed on the Play Store.
Original Mi Credit
Original version offered loans without collateral, approval in 10 minutes
The original version of Mi Credit promised personal loans up to Rs. 1 lakh through a simple digital KYC and no collateral at all. Initially, the platform was available for select MIUI users, but a few months later, Xiaomi opened it for all its customers. Notably, the company said, customers could get personal loans approved within 10 minutes through the app.
Expectation
What to expect from the new version?
Apart from a new interface, the revamped Mi Credit app could make the digital application process even simpler, shorter. Plus, it may bring new lending partners onboard to provide different loan offers and added security/encryption features, among other things. The service could also be opened for people using other Android phones as well, much like the Mi Store.
Interest
Re-launch will revive interest in Mi Credit
Either way, the re-launch event is expected to revive customer interest in Mi Credit. It not exactly clear how the public took the original version of credit service but the new features and the revamped app might just do the trick for Xiaomi. To note, the Chinese company also claims to charge lower monthly interest than other players in the personal lending category.