Xiaomi will start its financial services in India, will get services from loan to tax insurance
Xiaomi will soon launch gold loan, credit line card, and insurance products services in India as it looks to provide a full spectrum of financial services across payments, loans, and insurance. The company's India head Manu Jain has provided information about this. Jain said that "Xiaomi's financial services will be offered in partnership with organizations such as Axis Bank, IDFC Bank, Aditya Birla Finance Ltd., Stashfin, Money View, Early Salary and Credit Vidya. In 2019, Mi Credit will have a curated marketplace. I saw a lot of enthusiasm for loans up to 1 lakh and more than one lakh loans have already been disbursed." However, during the pandemic, its lending partners started backing down.
Apart from this, Jain also said that "Over the past several quarters we have been re-thinking about the future of Mi Credit or Mi Financial Services. We are now back to develop this particular platform. Fourth of the year 2020 We have grown by 95 percent in the first quarter of 2021 as compared to the quarter and by 35 percent in the first quarter of 2021 as compared to the first quarter of 2020. Apart from this, Jain also highlighted that the company has a credit relationship with Working on building a full spectrum of overall financial services, Xiaomi is expanding the lending category with offers like gold loans and credit line cards, along with adding insurance vertical to its platform."
Ashish Khandelwal, Head, Xiaomi India Financial Services, said, “Mi Credit has launched Credit Line Cards in partnership with Stashfin. It is a unique product that comes with the Buy Now Pay Later offer along with personal loans so that the customers Apart from this, Xiaomi has partnered with ICICI Lombard to develop a health insurance scheme that was piloted in July and is still on as an offer. "
Khandelwal also said that "Xiaomi also offers a cyber insurance and has covered over 25,000 customers so far. Also we have the offer of insure-tech which we work on in a curated manner in partnership." are doing."