Mi Credit launching again: Everything you need to know

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.

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.

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.

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.