Realme enters digital lending segment with Realme Paysa, takes on Xiaomi Mi Credit

Realme on Tuesday announced a new financial service, Realme Paysa. Similar to Xiaomi's Mi Credit, Realme Paysa will provide free credit reports, facilitate personal and business loans, and other services such as screen insurance. Realme has partnered with CreditMantri, ICICI Lombard, and EarlySalary among others for the new platform.

The company has also introduced a standalone Realme Paysa application, which is currently available as beta on Google Play Store. The platform is backed by Finshell which is an Oppo Group company.

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For free credit, Realme is offering a free monthly update for three months to users. Users can get personal loans between ₹8,000 and ₹1 lakhs. SMEs can use the platform to get business loans between ₹50,000 and ₹10 crores. Users have options between three months to 5 years to make the repayment.

Realme claims its new platform is secure. "We have taken reasonable and feasible technical security and organizational measures to protect the information collected for the service(s). We strive to adopt security measures that are in line with industry standards to protect your personal information you provide and to prevent unauthorized access, public disclosure, use, modification, damage or loss of the data…" the company says on its app.

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For customer service, Realme is offering human customer service in English and Hinglish. The customer service will be available seven days a week and 16 hours a day.