Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="6553953" type="UNKNOWN" weightage="20" keywordseo="creditbee">CreditBee</keyword> is reportedly <keyword id="874458" type="LOCATION" weightage="100" keywordseo="Xiaomi">Xiaomi</keyword>’s new <keyword id="3088449" type="PERSON" weightage="20" keywordseo="micro-lending">micro lending</keyword> platform in India. </li><li>Experts expect India’s <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> industry to double in the next two years.</li><li>The service will issue <keyword id="1628688" type="PERSON" weightage="20" keywordseo="micro-loans">micro loans</keyword> at a 3% rate of interest for a period of 90 days. </li></ul>Chinese smartphone maker Xiaomi is launching their new lending platform in India. The micro-lending product is named CreditBee since the service has been launched in partnership with <keyword id="3538270" type="PERSON" weightage="20" keywordseo="KrazyBee">KrazyBee</keyword>. The company has yet to make an official announcement, but a source speaking to <a href="https://tech.economictimes.indiatimes.com/news/internet/xiaomi-launches-its-first-lending-product-in-india/64282329">ETtech</a> claimed that the platform is already live and the company will officially unveil it in the coming weeks. Microloans are essentially loans of small value issued at a low rate of interest. Over the past couple of years, it’s become quite an attractive <a href="https://www.moneycontrol.com/news/business/personal-finance/7-emerging-lending-options-you-should-explore-to-raise-funds-2566149.html">alternative</a> for under-represented groups or start-ups, who don’t necessarily require a huge loan. On CreditBee, consumers will be able to avail loans <a href="https://inc42.com/buzz/xiaomi-launches-lending-product-creditbee-with-krazybee/">starting</a> from ₹1,000 to ₹100,000. The term of the loans is 90 days, at an interest rate of 3 percent. Their target audience is salaried professionals who need short-term, small amount loans. KrazyBee, Xiaomi’s partner for this venture, is amongst the companies Xiaomi invested in. It was only last year that they <a href="https://tech.economictimes.indiatimes.com/news/startups/krazybee-raises-8-million-from-xiaomi-tech-and-others/61111187">led</a> an $8 million round for the company, which is based out of Bengaluru. And now, Xiaomi may even be <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/xiaomi-is-in-advanced-talks-to-pick-up-stake-in-zestmoney/articleshow/63675367.cms">looking</a> into making a second investment in the fintech industry with <keyword id="6414960" type="UNKNOWN" weightage="20" keywordseo="ZestMoney">ZestMoney</keyword>. ZestMoney is the company that fuels EMI-loans on Mi.com at the moment. Reports <a href="https://tech.economictimes.indiatimes.com/news/mobile/xiaomi-is-in-advanced-talks-to-pick-up-stake-in-zestmoney/63675487">indicate</a> that the former is looking to raise around $20 million through Xiaomi and its existing investors, like PayU. It’s not surprising that Xiaomi is looking at the fintech industry. The company already has a few lending platforms back home in China. Also, it had <a href="https://www.techradar.com/news/xiaomi-plans-to-launch-6-new-smartphones-expand-its-non-smartphone-portfolio-in-2018">indicated</a> earlier that it would like to expand its business beyond the smartphone arena and build a non-smartphone portfolio. With the country’s demographic dividend hitting its peak, more and more products are being targeted towards salaried individuals. Experts <a href="https://www.financialexpress.com/economy/economic-boom-in-india-coming-soon-massive-number-of-consumers-eligible-for-credit-heres-what-it-means/1175548/">speculate</a> that there are nearly 150 million consumers who aren’t 'credit active' right now but are eligible to turn into retail credit borrowers. Their analysis suggests that tapping into that potential could result in big growth opportunities for companies in the lending industry, which in turn will provide a boost to the economy. That being said, India has <a href="https://www.foxbusiness.com/markets/the-10-countries-where-people-save-the-most-money">historically</a> been a savings oriented nation, though that trend has been slowly been <a href="http://www.ey.com/Publication/vwLUAssets/ey-the-battle-for-the-indian-consumer/$File/ey-the-battle-for-the-indian-consumer.pdf">reversing</a> since the dawn of liberalisation and privatisation in 1992. With the fintech software market set to <a href="http://www.nasscom.in/knowledge-center/publications/fintech-india-global-growth-story">double</a> to $2.4 billion by 2020 from the current $1.2 billion, the transformation will only gain momentum. Currently, India is the biggest market for Xiaomi, second only to China. The company’s Indian operations even <a href="https://economictimes.indiatimes.com/tech/hardware/xiaomi-turns-profitable-in-third-year-in-india/articleshow/61954734.cms">started</a> turning a profit in FY 2017, which marked Xiaomi’s third year in the country with sales of around ₹8,379 crore.

After conquering the smartphone space, Xiaomi now wants to enter India’s fintech industry

After the success of its pilot programme in India, Xiaomi is back with its digital lending platform <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. Through the app, the company provides instant loans up to ₹1 lakh to users within five minutes. Earlier, Xiaomi had partnered with KreditBee to disburse loans. This time around, it has partnered with Aditya Birla Finance, Money View, EarlySalary, CreditVidya and ZestMoney. Xiaomi is providing real-time disbursements and supports all major banks on its platform. How to avail an <keyword id="4381247" type="PERSON" weightage="20" keywordseo="instant-loan">instant loan</keyword> from Mi Credit The loan application process is 100% digital and takes just five minutes. Just follow the below steps to avail a loan up to ₹1 lakh from Mi Credit: <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li><li>Once you sign in, you will see a banner that says, ‘Maximum loan amount ₹1,00,000’.</li><li>Click on the ‘Complete’ button.</li><li>Now, enter the required information such as your name, gender, date of birth, email ID, PAN number and pin code.</li><li>Agree to the terms and conditions at the end and click on ‘Submit’.</li><li>You will then be asked to submit your address proof and a selfie as part of KYC.</li><li>A loan profile will inform you whether you are eligible for a loan.</li><li>If you are eligible, you will be asked to submit your bank account details and the loan will be disbursed to your account.</li></ul>How to check your credit score on Mi Credit app In addition to availing an instant loan, you can also check your credit score on the Mi Credit app for free. <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li></ul><ul><li>At the bottom bar, click on ‘Profile’.</li><li>Now, click on ‘Credit Report’.</li><li>Provide the required details, including your PAN number.</li><li>Agree to the terms and conditions at the bottom and click on ‘Submit’.</li></ul>Once your credit report is ready, it will be sent to your registered email address.

Here’s how you can avail an instant loan from Mi Credit

<ul><li><keyword id="6485927" type="ORGANIZATION" weightage="20" keywordseo="realme">Realme</keyword> announced its entry into financial services with Realme Payसा. </li><li>It comes days after <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> launched its credit lending platform Mi Credit. </li><li>In the smartphone segment, Xiaomi holds a 27.1% market share, whereas Realme has a 14.3% share in the Indian market. </li></ul> Indian smartphone maker Realme announced its entry into financial services with Realme Payसा. It hopes to acquire 25 million users in the next two years. Its entry into financial services comes days after Xiaomi launched its credit lending platform Mi Credit. “We aim to repeat our success in the mobile business and become one of the top 5 new entrants in financial services in the next 2-3 years. We are evaluating the launch of mobile phone financing and payments in 2020,” said Madhav Sheth, CEO- realme India. Both Xiaomi and Realme are competing in the Indian affordable smartphones category and now they will continue it their fight in the financial services segment too as well. According to <a href="https://techcrunch.com/2019/11/11/realme-india-xiaomi-market-share/">reports</a>, Xiaomi holds a 27.1% market share in smartphones, whereas Realme has a 14.3% share in the Indian market. Realme’s offering is similar to that of Xiaomi. realme Payसा beta app offers digital personal loans upto ₹1 lakh and digital SME loans upto ₹5 lakh. Mi Credit too offers personal loans upto ₹1 lakh, after one registers on the platform with relevant details. In China, Xiaomi has already disbursed ₹1 lakh crore in loans since its launch in 2015 and for all of its financial services – payment, credit, wealth and insurance, it has a user base of 45 million. While Xiaomi has partnered with Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya, Realme has associated with Early Salary, Lending Kart and Credit Mantri. SEE ALSO <a href="https://www.businessinsider.in/business/news/xiaomi-launches-mi-credit-in-india/articleshow/72350148.cms">Xiaomi’s Mi Credit promises to give you a loan by the time you order and finish a cup of coffee</a>

Smartphone makers Realme and Xiaomi will compete in the financial services market too

<ul><li>India has 1.9 crore personal loan consumers, said Manu Kumar Jain, the India head of Xiaomi. </li><li>According to a survey by Xiaomi, Indians take personal <keyword id="6362287" type="UNKNOWN" weightage="20" keywordseo="loans">loans</keyword> for five reasons – first comes medical emergencies. </li><li>Most surveys say that top reason for personal loans is medical emergencies. But bill payments are also popular for those who take short-term loans. </li><li>A Zestmoney report says that over 20% of loan amounts taken by women were for education. </li></ul>There has been a dramatic change in the Indian financial services sector. From a time when one would take a personal leave to go to the bank, we have arrived at a time when almost every service is available at the tap of a button. As fintechs evolve, availing personal loans is no longer a hassle either. This has also led to the birth of many lending startups in India, which give away small ticket personal loans. Startups like Early Salary, Slicepay even cater specifically to millennials. A large player in the smartphone market Xiaomi just launched <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. It sees a potential in the 1.9 crore personal loan consumers in the country, said India head Manu Kumar Jain during the launch. According to a survey done by the smartphone maker, Indians take personal loans for five reasons – first comes medical emergencies, then shopping, followed by wedding, travel and education. While it may seem surprising that “shopping” comes second, much before education loans, the trick here is that most of it is small ticket loans. “Unlike personal loans that provide a one-time lump sum, a credit line gives the flexibility of borrowing as much as you need from your approved credit limit multiple times. So, people use MoneyTap not just for one-time large expenses but also for everyday credit needs,” said Anuj Kacker, COO and Co- founder, MoneyTap. At MoneyTap too, three main reasons why users take loans are – medical emergencies, bill payments, and family functions/weddings. However, another leading player in the segment Zestmoney has some interesting insights to share. Lizzie Chapman at the Xiaomi launch said that higher number women take big ticket loans for education purposes. Earlier in May, Zestmoney had conducted a survey which revealed that “over 20% of loan amounts taken by women were for education, whereas in comparison, the same percentage for men was 6%.” Moreover, the Zestmoney report also showed that the average loan amount for women is 35% higher than men. In 2019, the average amount of EMI financing taken by women stood at ₹20,000, whereas for men the amount was ₹15,000. See Also: <a href="https://www.businessinsider.in/business/news/xiaomi-launches-mi-credit-in-india/articleshow/72350148.cms">Xiaomi’s Mi Credit promises to give you a loan by the time you order and finish a cup of coffee</a>

These are the top 5 reasons why Indians take personal loans

<ul><li><keyword id="1554716" type="General" weightage="20" keywordseo="buy-now" source="Orion">Buy Now</keyword>, <keyword id="3621187" type="General" weightage="20" keywordseo="pay-later" source="Orion">Pay Later</keyword> schemes by e-commerce platforms may look attractive but charge you a higher amount if you miss any payment deadline.</li><li>Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. If you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day.</li><li>Online platforms like Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later and Flipkart PayLater charges up to ₹600 fees if you miss any deadline dates.</li></ul>Just like credit cards, Buy Now, Pay Later (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) schemes allow you to buy products beforehand and pay the total amount in installments. You must be aware of Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later, Flipkart PayLater and several others. To help you understand the steep charges by online platforms that have Buy Now, Pay Later scheme here is an example. Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. Later if you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day. Also, this amount will keep on increasing every cycle if you miss future deadlines. During the last couple of years and also because of covid infused financial stress, BNPL schemes have become very popular among young who are new to the credit space. Macquarie expects the total amount of loans disbursed through such schemes to be anywhere between $45 billion and $50 billion by March 2026. The current market is still very small ⁠— about 0.7% of all bank loans and about 2.07% of loans given by the non-banking financial companies, <a href="https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/DIGITALLENDINGF6A90CA76A9B4B3E84AA0EBD24B307F1.PDF">according to the latest data provided by the Reserve Bank of India</a>. <div type="image" title="loan disbursal" height="900" width="1200" msid="87798372" hostid="261"></div> While these schemes do serve the purpose of buying products on time and paying later, one should be aware about the high cost in late payments. How does BNPL work? <ul><li>Buy a product at an online or e-commerce platform</li><li>Select ‘Buy Now, Pay Later’ option</li><li>Make a small down payment of the overall purchase amount</li><li>The remaining amount shall be debited in a series of EMIs</li></ul>Most BNPL schemes offer a smaller repayment window of 15 to 30 days and charge up to ₹600 fees if you miss the deadline. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Late fees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZestMoney </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250+ 1% per day on late repayments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simpl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ePayLater </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KrazyBee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500+ 0.2% penalty charge per day </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Postpaid </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10-500 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Pay Later </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100-500 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mobikwik Zip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20-200 per cycle default. Plus 1% late fee after 3rd cycle </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart PayLater </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹60-600 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LazyPay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹50-500 per cycle default </td></tr></tbody><tbody></tbody></table>Source: Macquarie report dated November 18, 2021 BNPL looks attractive but is definitely not a win-win situation for consumers. These steep late fee charges indicate significant revenue for the company, said analysts at global brokerage firm Macquarie Research. What should you do? Educate yourself about the interest charges including processing fee, which you would be paying before you make your purchase via the BNPL option, on the total amount before buying a product through BNPL. It is best to use the BNPL option when you are sure of paying the entire due amount before the due date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms">OPINION: The next four-letter word taking the world of finance by storm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ntpc-is-hiring-experienced-engineering-professionals-with-a-monthly-salary-of-60000/articleshow/87781706.cms">NTPC is hiring experienced engineering professionals with a monthly salary of ₹60,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp</a>

From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

New Delhi, Dec 3 () Chinese smartphone major Xiaomi on Tuesday formally launched its lending solution, Mi Credit, in the Indian market.
 This is Xiaomi's second finance solution to be launched in India after Mi Pay.
 "Mi Credit is an online curated marketplace for lending to offer the best personal loans... People can get up to Rs 1 lakh of loan and the process takes minimal time," Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India told reporters here.
 He added that the opportunity in online credit lending in India is estimated to touch Rs 70 lakh crore by 2023.
 Citing a CIBIL report, Xiaomi said 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.
 Of these 1.9 crore customers, majority tend to avail it for medical emergencies followed by shopping, wedding, travel and education purposes.
 The current lending partners for Mi Credit are primarily NBFCs or Fintechs such as Aditya Birla Finance Ltd, Money View, EarlySalary, Zestmoney and CreditVidya.
 "It's built as the first personal loan choice for aspirational young professionals and millennials. Mi Credit solves most challenges associated with the traditional lending industry with a 100 per cent digital experience," Jain said.
 Mi phone users can also check their credit score on the app for free.
 "All user data on Mi Credit is stored securely in encrypted format in India through our partner Amazon Web Services Cloud Infrastructure," he said.
 Mi Credit has been running in India in a pilot format, and has already disbursed loans of over Rs 28 crore in November this year.
 Over 20 per cent of its users availed the highest amount of loan of Rs 1 lakh.
 Currently, Mi Credit services more than 10 states spanning across 1,500 pin codes, and aims to expand its availability to 100 per cent of the pin codes by the end of FY2019, Jain said.
 Mi Credit app will come pre-loaded on all MIUI phones, and can be downloaded from Google Play Store and GetApps, Xiaomi's own app store.
 Mi Pay is a UPI based payment app available on all MIUI phones, and can be downloaded from GetApps and Google Play Store. It was launched in India in March 2018, and within nine months has already captured over 20 million registered users.
 Hong Feng, Co-Founder and Senior Vice President, Xiaomi Corporation and Chairman and CEO, Xiaomi Finance said the company's Mi Finance business started four years ago in China.
 "Today, we have over 300 million Mi Fans in our global community and having understood their consumption behaviour - it is one of the strengths we aim to leverage to build a stronger Mi Finance business globally," he added. SR DRR

Xiaomi launches Mi Credit lending solution in India

<ul><li>Smartphone giant, <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> is all set to enter <keyword id="6355260" type="UNKNOWN" weightage="20" keywordseo="NBFC">NBFC</keyword> sector to provide consumer loan and b2b credits. </li><li>Its newly registered company, Xiaomi Financial Services India is soon going to seek RBI’s permission to commence operation as NBFC. </li><li>The board of directors include Xiaomi’s Corp co-founder Feng Hong and Xiaomi’s India MD <keyword id="1677962" type="PERSON" weightage="20" keywordseo="Manu-Kumar-Jain">Manu Kumar Jain</keyword>. </li></ul>The Chinese smartphone manufacturer, Xiaomi is mulling an entry into India’s Non Banking Financial Company (NBFC) sector by launching its new company Xiaomi Financial Services India. The company plans to provide consumer financing and business-to-business lending in India. The new company was established on 10 October as a subsidiary of Xiaomi Singapore Fintech and Xiaomi Finance HK Ltd. The newly incorporated company is yet to seek RBI’s approval to operate as a NBFC in India. It has nominated Xiaomi Corp co-founder Feng Hong and Xiaomi India MD Manu Kumar Jain as the board of directors for Xiaomi Financial Services. According to recent media reports, the smartphone major is planning to offer consumer loans against e-commerce purchases such as home appliances, electronics and apparels. Further, it is also looking forward to provide credit to business against any acquisition of assets and goods. All the services will be provided using online platforms. Xiaomi has already launched <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">MI Credit</keyword> and <keyword id="5621021" type="UNKNOWN" weightage="20" keywordseo="Mi-finance">MI Finance</keyword> as Fintech in India. MI Credit with KreditBee provides personal loans, whereas, MI Finance has tied up with ZestMoney to provide the EMI facility.

You Searched For "zestmoney loan" and got 7 results

After conquering the smartphone space, Xiaomi now wants to enter India’s fintech industry

Prabhjote Gill

Here’s how you can avail an instant loan from Mi Credit

BI India Tech Bureau

Smartphone makers Realme and Xiaomi will compete in the financial services market too

Sanchita Dash

These are the top 5 reasons why Indians take personal loans

Sanchita Dash

From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

Bhakti Makwana

Xiaomi launches Mi Credit lending solution in India

PTI

After making its debut in fintech, Xiaomi to enter Indian NBFC sector soon

BI India Bureau

Popular Keywords

Buying Guides