This is Xiaomi's second Mi Finance solution to be launched in the country after Mi Pay.
According to the company, it disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the pilot phase which ran though November 2019.
Initially launched in May 2018, Mi Credit is an online curated marketplace for lending, to offer personal loans to Mi Fans, according to the handset maker. The platform is built as the first personal loan choice for aspirational young professionals and millennials.
"Xiaomi's Mi Finance business started four years ago in China, with an aim to provide fintech innovation for everyone. Today, we have over 300 million Mi Fans in our global community and we see a huge opportunity for consumer lending in India with estimations reaching up to $1 trillion in digital lending by 2023, as per a report from BCG.
"This makes us believe that our Mi Finance business, based on solutions such as Mi Pay and Mi Credit can truly revolutionise the Indian fintech industry," Hong Feng, Co-Founder and Senior Vice President, Xiaomi Corporation, Chairman and CEO, Xiaomi Finance, said in a statement.
Xiaomi's current lending partners are primarily non-bank financial institution (NBFCs) or fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya.
"In India, the lending industry is on an explosive trajectory. As per a recent report from CIBIL, there are over Rs 4 lakh crores worth of personal loans outstanding from nearly 1.9 crore customers, with each user accounting to an almost Rs 2 lakh of outstanding amount. We are bringing Mi Credit to India hoping to provide another truly digital solution for their lending needs," said Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India further added,
Mi Credit currently services more than 10 states spanning 1,500 pin codes and aims to expand its availability to 100 per cent of the pin codes (which is more than 19,000) by the end of FY2019.
( With inputs from IANS )