Xiaomi Launches Micro-lending Product in India
Xiaomi, the leading Chinese smartphone company, has announced the launching of its first lending product in India similar to the Mi Credit, a microlending product it already offers in China.
The credit product, which was launched in collaboration with lending platform KrazyBee, is already available and will be officially announced in the coming few weeks, according to someone close to the matter.
The credit product will be called CreditBee, and will offer loans starting from Rs 1,000 to Rs 1 lakh for a duration of 90 days, according to the above-mentioned person. The initiative is set to target salaried professionals and will be provided for an interest rate of 3% per month. The individual cited above was quoted saying, “Xiaomi has lending products across segments in China, and it wi...