Xiaomi launches digital lending, with instant loan offers on user phones

Xiaomi is looking at launching more of value added services, after Mi Music and Mi Video

Leading smartphone entity Xiaomi has entered the digital lending space in India, with the launch of a ‘Mi Credit’ product. The company is offering instant personal loans to its users, through offers that appear on their lock screen while they are using the phone.

The company launched this in partnership with KreditBee, a lending platform aimed at students and young professionals. Xiaomi’s loans are also aimed at young professionals -they cater to short-term needs for cash. The company says the loans can be initiated in 10 minutes through a simple KYC (Know Your Customer) verification. Xiaomi’s partner is responsible for