Xiaomi to re-launch Mi Credit lending platform in India on December 3

Beijing : Xiaomi has scheduled the re-launch of Mi Credit platform for personal loans in India on December 3. Since the company has officially launched the service in May last year, it looks like the company is in a mood to revamp it completely for better results. 

While, not much has been revealed about the revamped edition of the service, a newer version of the Mi Credit App has been uploaded on the Google Play Store, suggesting that the new features and a revamped interface will also be launched. 

The company has sent out invites for the upcoming launch on Thursday. 

The service, which is aimed at young professionals, can be initiated in less than 10 minutes with a simple KYC verification and offers tenure between 15 days to 90 days with interest rate of 3 percent per month. However, the service is currently available to MIUI users only and will not be available for stock Android phones like Xiaomi Mi A1.

According to the company, Mi Credit allows its users to "initiate financial lending" with an ease. They just need to logon to the platform and apply for quick loans.

The launch of Mi Credit marks the company’s third value-added internet service in India after the company launched Mi Music and Mi Video earlier this month. As said, it remains to be seen how the service will be different from the earlier one.