Xiaomi, the top smartphone vendor in India, 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).
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.
He added that having multiple partners for the crediting platform ensures that the likeliness of a user securing a loan is high. Once a user has secured a credit from the app, they can avail more credit in the future with a …read more