Xiaomi continues to expand its product lineup. The company produces both entry-level, mid-range, and flagship smartphones, catering to a wide user base. However, it seems that this isn’t enough for the Chinese tech giant. Aiming to make their products more accessible to more people, Xiaomi has introduced a new program in India called “Xiaomi Easy Finance”. With XEF, customers can get quick and easy digital loan approvals and take advantage of various financial options. Here are the details…
Xiaomi Easy Finance: A new way to buy Xiaomi smartphones in India
Xiaomi Easy Finance or XEF is a digital loan program launched by Xiaomi India. It is designed to provide Indian consumers with flexible and affordable options for purchasing Redmi smartphones. The program is in partnership with Axio, a digital financial services provider, and Trustonic, a security expert. The XEF scheme is available at Mi Homes, Mi Studios, Mi Stores, Mi Preferred Partners, regional retail chains, and all authorized Xiaomi outlets spread across the country.
To avail the loan, customers need to submit their KYC documents and PAN card details. The loan application process is digital and paperless, and customers can get instant loan approval. Once the loan is approved, customers can purchase any Xiaomi smartphone at no-cost EMI options. Xiaomi has said that the XEF scheme is designed to make smartphone ownership more affordable and accessible to a larger audience. The company believes that the scheme will help it to further its market reach in India.
The launch of the XEF scheme comes at a time when the Indian smartphone market is growing rapidly. According to Counterpoint Research, the Indian smartphone market grew by 10% in the first quarter of 2023. Xiaomi is the leading smartphone vendor in India with a market share of 23%. The XEF scheme is likely to boost Xiaomi’s sales in India. The scheme will make it easier for customers to purchase Xiaomi smartphones, especially those who are on a tight budget.
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