How to avail Xiaomi's digital loan scheme for smartphone purchase
What's the story
Xiaomi has rolled out a digital loan program called "Xiaomi Easy Finance" (XEF) in India, aimed at offering flexible and affordable options for purchasing Redmi smartphones.
The program is a collaboration between Xiaomi India, digital financial services provider Axio, and security expert Trustonic.
XEF is available at various Xiaomi outlets, including Mi Homes, Mi Studios, Mi Stores, Mi Preferred Partners, regional retail chains, and authorized Xiaomi outlets nationwide.
Details
How to apply for quick and easy digital loan approvals?
To take advantage of the XEF loan, customers need to submit their KYC documents and PAN card details.
The application process is completely digital, allowing for instant loan approval. Once approved, customers can buy a smartphone with no-cost EMI options.
Xiaomi created the XEF scheme to make device ownership more budget-friendly and accessible to a broader audience, aiming to further expand its market reach in India.
Scenario
Indian smartphone market is witnessing massive growth
The launch of the XEF scheme comes as the Indian smartphone market sees rapid growth.
According to Counterpoint Research, the market expanded by 10% in the first quarter of 2023.
Xiaomi holds the top spot as the leading smartphone vendor in India with a 23% market share.
The XEF scheme is expected to boost Xiaomi's sales in the country by making it easier for budget-conscious customers to purchase their smartphones.
Insights
Xiaomi strategizes for market expansion
By providing affordable financing options through the XEF scheme, Xiaomi aims to make its products more accessible to a larger customer base in India.
The company believes this strategy will help it further its market reach and capitalize on the growing Indian smartphone market.
With instant loan approvals and no-cost EMI options available through XEF, Xiaomi's smartphones are now more attainable for those who might have previously found them out of reach.