After Xiaomi arrival in India in 2014, it has obtained not only recognition but great profits. For example, just in 2017, India contributed 32% to the company’s global revenues through its five main sales channels. In this regard, Xiaomi created Mi Credit, an instant personal loan platform for the young professionals from India.
If this sounds familiar to you, it is because it is another association with KrazyBee. Xiaomi previously had already collaborated with the bank payment company in offering Xiaomi product solutions funded for students. Now, these companies go one step further and offer money on the spot at a very low-interest cost.
In order for its users to initiate the financial loans and contribute to the growth of the company, the Chinese company included financial loan providers. In this way, users can log in to the platform and request quick loans.
Mi credit is the third highest rated internet service in the company, after Mi Music and Mi video. And, although the platform is currently available only to MIUI users, it is possible to obtain loans of Rs. 1,000 up to Rs. 1,000,000, for the investment. Also, it has an interest rate of 3% and will be available for a period of 90 days. But, this is mainly for salaried workers who, of course, comply with all the requirements.
Obtaining a loan from Mi Credit is simple and can be done in 10 minutes. It is only necessary to have a KYC verification that works through associated platforms, where all the data and user information are verified.
You can find more information on the official page.
Purpose of Mi Credit
The main objective of Xiaomi creating this platform is to boost the sales of the products through its own platform. Like the sale of smartphones at a reduced price margin that will later give great profits, through loans for young professionals who are interested in investing in the company. and thereby boost national growth and provide benefits to workers.
Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India:
Xiaomi provides Internet services to offer our users a complete mobile Internet experience, and MIUI works as an open platform for us to offer our wide range of Internet services, such as content, entertainment, financial services and productivity tools. The connectivity between our devices and the seamless integration between hardware and Internet services allow us to offer our users a better user experience. Mi Credit is another great step to provide an important Internet service to India and we trust that our users can truly benefit as the service becomes more sophisticated. “
Xiaomi as number 1 in India
Through the presentations of the Xiaomi IPO, we know that India is now the second largest market for Xiaomi after China. As announced by Counterpoint and Canalys in January, Xiaomi is currently one of the leading smartphone brands in the country. They also indicate that the company was the largest smartphone manufacturer in India with a 31.1% share, followed by Samsung with a 26.2% share in the quarter ended in March 2018.
In October 2017, Xiaomi led an $ 8 million financing round on KrazyBee. In addition, the company plans to invest $1 Billion in 100 emerging companies in India in the next five years. And ZestMoney is said to be in talks to raise $ 20 million in financing from Xiaomi with the participation of its existing investors. In this sense, companies have been talking about an investment that will allow a closer integration between them. Mainly to help boost sales in Mi.com by offering affordable options to users.
According to CounterPoint Research, Mi.com already has a 10% market share in online smartphone shipments, behind Flipkart and Amazon. With so many plans on the table, Xiaomi currently has a fixed goal in the final presentation of its IPO.
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