ZestMoney embarks on cash lending with MiCredit
Update: 06 Dec 2019 12:41 STI
Bangalore (Karnataka) [India], Dec. 6 (ANI / NewsView): ZestMoney, India’s first and largest AI-based EMI funding platform, has announced the company’s foray into treasury lending with Xiaomi.
The new product called MiCredit allows customers to benefit from instant credit as low as INR 7,000 to their bank accounts almost instantly.
âWe are proud to partner with Xiaomi India in their efforts to provide access to transparent, fair and low cost small loans. Having a small loan can help when needed and allow consumers to gain more financial freedom without the need for a heavy personal loan, âsaid Lizzie Chapman, co-founder and CEO of ZestMoney.
Xiaomi and ZestMoney have a strong strategic and business partnership. The two companies have collaborated with the goal of providing affordable lifestyles for Mi customers.
ZestMoney powers EMI products, both online at mi.com, in e-commerce marketplaces like Flipkart for Mi products, and in-store at Mi Home stores.
âWe enjoy working with Xiaomi India on new product initiatives because, like us, they always put the customer at the center of what they do,â added Lizzie.
MiCredit connects the loan seeker to a service provider, such as ZestMoney.
On the app, the loan application process can be completed in five minutes, and the repayment can be made over a period of three months to three years in easy EMIs.
ZestMoney was designed as a fully digital and scalable technology platform that can significantly improve the lives of over 300 million households in the country, who currently have limited access to credit cards or any other financing option. formal due to insufficient credit history.
The latest RBI data shows that less than 60 million credit cards are currently issued in India, compared to over 900 million debit cards. Young online shoppers in India do not want to use credit cards, but are increasingly eager to benefit from Equivalent Monthly Payment (EMI) plans to help improve affordability.
According to NITI Aayog, an Indian government policy institute, the Indian fintech industry is expected to reach $ 31 billion in 2020.
The advent of digital credit and the emergence of services for the masses with low credit needs are expected to drive this growth.
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