Xiaomi Introduces Easy Finance Program in India Featuring No-Cost EMI Choices

Xiaomi Easy Finance Program Launched

Xiaomi’s Innovative Approach to EMIs: Xiaomi Easy Finance – XEF

In today’s fast-paced world, owning the latest smartphone has become a necessity. However, purchasing a high-end smartphone often requires a substantial upfront payment or comes with hefty interest rates when opting for EMI schemes. Xiaomi, the renowned smartphone manufacturer, has recognized this challenge and introduced a groundbreaking solution for its Indian customers – the Xiaomi Easy Finance (XEF) Program. In this article, we will delve into the details of this innovative payment scheme and how it’s changing the way people buy smartphones.

Xiaomi’s XEF Program Unveiled

Xiaomi has officially launched its Xiaomi Easy Finance (XEF) Program in India, aiming to make smartphone ownership hassle-free. Under this program, customers can purchase select Xiaomi and Redmi smartphones at no-cost EMIs, eliminating the burden of additional interest charges. What sets XEF apart is its digital approach, which eliminates the need for paperwork, making the entire process seamless.

In Partnership with Axio

To bring this innovative program to life, Xiaomi has joined forces with Axio, a prominent Non-Banking Financial Company (NBFC) in India. The XEF payment options are now available at Xiaomi’s partner offline stores throughout the country. This collaboration ensures that customers can easily access and benefit from this unique EMI scheme.

Eligibility Criteria

To avail of the XEF scheme, certain eligibility criteria must be met:

  • Buyer’s Age: The buyer must be at least 21 years old.
  • Valid PAN Card: A valid PAN card is required.
  • Linked Aadhaar Card: The Aadhaar Card must be linked to a phone number for e-KYC verification.
  • Bank Account: The buyer must have a bank account in their name, which will be used for monthly EMI deductions.

One of the standout features of XEF is the absence of physical paperwork. Customers with the necessary documents can instantly register for the payment scheme through a completely digital process.

No Credit History Required

Unlike traditional EMI schemes, Axio, the financial backbone of XEF, does not mandate a credit history for users. Any buyer with valid documents can apply for XEF, although approval remains subject to Axio’s discretion on a case-by-case basis.

The Payment Process

When a customer opts for XEF payment, they are required to make a 20% down payment of the total smartphone cost at the time of purchase. The remaining amount can be split into 3, 6, 9, or 12 months of EMIs, with no interest charges applied. However, there is a one-time processing fee of Rs 399 + GST when enrolling for XEF. Subsequently, the EMI amount will be directly debited from the user’s registered bank account.

Building Credit History

An exciting aspect of the XEF scheme is that it reflects on the user’s credit report as a consumer loan. This can have a positive impact on the customer’s credit profile, potentially opening up new financial opportunities in the future. Once all EMIs are paid, the loan is marked as closed on the credit report, including major credit bureaus like CIBIL and Experian.

Ensuring Timely Payments

To ensure that users make timely EMI payments, Xiaomi has partnered with Trustonic, a cybersecurity and device-locking solutions provider. Trustonic enhances security by safeguarding devices purchased under the XEF scheme. If a user fails to pay the EMI on time, Xiaomi can remotely lock the device through Trustonic until the outstanding amount is settled. Additionally, Trustonic sends timely reminders to users, minimizing the risk of missed instalments.

Expanding the Program

Currently, the XEF scheme is available exclusively for the Redmi 12 Series, although Xiaomi has hinted at expanding it to other devices in the near future. However, it’s worth noting that XEF payment options are exclusively available at Xiaomi’s offline stores, including Mi Home, Mi Studio, Mi Stores, Mi Preferred Partners, and select retail stores. It’s not available on Xiaomi’s online store.

Targeting Tier 3 and Tier 4 Towns

Xiaomi has strategically rolled out the XEF program in phases, with a particular focus on Tier 3 and Tier 4 towns. This approach aims to provide users in these regions with flexible payment options, enabling them to upgrade their devices, especially during the festive season.

In conclusion, Xiaomi’s XEF Program is a game-changer in the world of smartphone financing. It offers a convenient and accessible way for customers to own the latest Xiaomi and Redmi smartphones without the burden of high-interest rates. With its digital process, minimal eligibility criteria, and credit-building benefits, XEF is poised to make a significant impact on the Indian smartphone market.


1. Is the XEF scheme available for all Xiaomi and Redmi smartphones?

As of now, XEF is available for the Redmi 12 Series, but Xiaomi has plans to expand it to other devices in the future.

2. What is the down payment percentage for the XEF scheme?

Customers are required to make a 20% down payment of the total smartphone cost when opting for XEF.

3. Can I apply for XEF without a credit history?

Yes, Axio, the financial partner of XEF, does not require users to have a credit history. Approval is subject to their discretion.

4. How does Trustonic ensure timely payments in the XEF scheme?

Trustonic provides device-locking solutions and sends reminders to users to ensure they make their EMI payments on time.

5. Where can I avail of XEF payment options?

XEF payment options are available exclusively at Xiaomi’s offline stores, not on their online store.

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