ZestMoney, India's first and largest AI-driven EMI financing platform announced the company's foray into cash loans with Xiaomi.
The new product called MiCredit allows customers to avail instant credit as low as INR 7,000 into their bank accounts almost instantly.
"We are proud to partner with Xiaomi India in their endeavor to provide access to small ticket loans that are transparent, fair and low cost. The option to avail small ticket credit can provide a helping hand at times of need and empower consumers to obtain greater financial freedom, without the need for a heavy personal loan," said, Lizzie Chapman, Co-founder & CEO at ZestMoney.
Xiaomi and ZestMoney have a strong strategic and commercial partnership. The two companies have collaborated on a mission to offer affordable lifestyles to Mi customers. ZestMoney powers EMI products, both online on e-commerce marketplaces like Flipkart for Mi products, and in-store at Mi Home stores.
Lizzie added, "We appreciate working with Xiaomi India on new product initiatives because, like us, they always keep the customer at the center of what they do."
MiCredit connects the loan seeker with a service provider, such as ZestMoney. On the app, the application process for loans can be completed within 5 minutes, and the repayment can be done over a period, ranging from 3 months to 3 years in easy EMIs.
ZestMoney has been built as a completely digital, scalable technology platform that can meaningfully improve the lives of more than 300 million households in the country, who currently have limited access to credit cards or any other formal financing options because of insufficient credit history.
The latest RBI data shows less than 60 million credit cards are currently in issuance in India, compared with more than 900 million debit cards. Young online shoppers in India do not want to use credit cards but are increasingly keen to avail of equated monthly installments (EMI) plans to help improve affordability.
According to NITI Aayog, a policy institute of the Indian Government, the Indian fintech industry is likely to touch $31 billion in 2020. The advent of digital lending and the emergence of services for masses with low credit requirements are expected to lead this growth.
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