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Xiaomi to foray into India's NBFC sector, to seek RBI approval soon: Report

The NBFC will be floated under its new company --Xiaomi Financial Services India.

Xiaomi to foray into India's NBFC sector, to seek RBI approval soon: Report

New Delhi: Chinese handset maker Xiaomi is all set to foray into own lending business in India by floating a non-banking financial company (NBFC), as per a financial daily report.

A report in the Economic Times said that the NBFC will be floated under its new company --Xiaomi Financial Services India --that was launched in October 10. Xiaomi will soon seek the approval of the Reserve Bank of India to operate as an NBFC.

Xiaomi Financial Services India been incorporated as a subsidiary of Xiaomi Finance HK Ltd and Xiaomi Singapore Fintech, the ET report said.

The NBFC will provide loans to consumers for "purchasing electronics, home appliances, lifestyle products, vehicles, furniture, tools, utensils and office equipment, and give credit to firms, corporates or any other entity," the ET report added.

It may be recalled that in May this year, Xiaomi launched Mi Credit, using which its users can apply for loans.

Mi Credit is currently available in partnership with KreditBee, an instant personal loan platform for young professionals. Currently, Mi Credit is available only for MIUI users (except Mi A1) where KreditBee is offering loans from Rs 1,000 up to Rs 1 lakh. The loan process can be initiated in less than 10 minutes with KYC verification.

With PTI Inputs