All these financial services will be offered in partnership with companies like IDFC Bank, Axis Bank, aditya Birla Finance Limited, StashFin, Money View, Early Salary and Credit Vidya, Jain told PTI. He also informed that more than 1 lakh loans have been provided through Mi Credit platform launched in 2019.
He further said that the company revisited the future of Mi Credit credit or Mi Financial Services in the last few quarters and then decided to redevelop it. Jain also presented some figures and pointed out that Xiaomi saw a 95 per cent growth in the first quarter of 2020-21 as compared to the fourth quarter of FY2019-20.
As we mentioned, the company is also planning to provide services like gold loans and credit line cards. In addition, Mi Credit will now provide pre-approved loans upto Rs 25 lakh and the period has been extended to 60 months. The company has also started giving loans and credit line cards SME. Customers will be able to avail ‘Buy Now Pay Later’ through credit light cards. The service has also started but the gold loan will be added in the coming few weeks.