India’s favourite phones, now more affordable with Xiaomi Easy Finance

Compared to other financing options, Xiaomi Easy Finance powered by axio, simplifies the purchase of a preferred Xiaomi smartphone for eligible customers through a seamless, paperless procedure. Currently, XEF is exclusively offered at specific Xiaomi stores.

To qualify for a loan by Xiaomi Easy Finance powered by axio, a person:
‍a. Must be 21 years or more at the time of applying for a loan.
b. Must hold a valid permanent account number (PAN) card (used to fetch credit bureau records from relevant entities)
c. Complete the KYC process (which is done either through their details available on CERSAI portal or through OTP based Aadhaar e-KYC, o-KYC verification or Digilocker KYC verification via UIDAI or VCIP).

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axio reserves the right to approve the loan application. 

Customer must give the following information during loan application:

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• Contact details including mobile number, email ID, address, etc.
• PAN Card number
• KYC documents (Aadhaar Card, PAN Card, and Driving License)
• Selfie for validation
• Bank account details for direct debit registration.

Customers can opt for Xiaomi Easy Finance powered by axio, as their preferred payment method when selecting their desired phone model during the billing process. Subsequently, they must provide their information and documents to axio for eligibility assessment. Once eligibility is verified and confirmed, customers will receive immediate loan approval. Please note that loan approval is subject to axio’s internal policies.

Loan application from Xiaomi Easy Finance powered by axio could be declined due to:

• Non-acceptance of final loan agreement
• Ineligible to avail loan from Xiaomi Easy Finance powered by axio as per the relevant and applicable terms and conditions and/or internal policies of axio
• KYC document verification failed

Yes, auto-repayment set-up is mandatory and this can be completed either by e-NACH or by UPI auto pay process during the loan journey. The auto-repayment is a helpful feature as it makes payments hassle-free and there is no risk of missing the same.

The loan limit applies exclusively to the purchase of a single device at a time. If a customer desires to obtain a loan for another device, they can do so only after repaying the previous loan. To secure a new loan, the customer will need to submit a fresh loan request and will receive instant approval without any additional steps.

It is not mandatory to hold a credit card to avail a loan from Xiaomi Easy Finance powered by axio. Customers will be eligible for the loan offer based on their profile and credit history among other deciding factors as per axio’s internal policies.

Yes, we charge a processing fee of Rs. 499 on selected Xiaomi devices

After successful purchase of the device using Xiaomi Easy Finance powered by axio, a mobile Application (Telecom Client) is installed on the device automatically upon device activation. The Application provides a customer the option to make payments, track loan details and also includes a comprehensive help section.

In the event of non-payment or delayed EMI payments, the device's functionality will be restricted, with the extent of restrictions varying depending on the number of days since the EMI was not paid. Once the device is restricted, customers will be unable to access other applications or make outgoing calls (excluding emergency numbers). These restrictions will only be lifted upon settling the outstanding EMI payment.

If the device is under restriction due to non-payment of the EMI, the customer can only use the device for below services: 

• Calls to Emergency service
• Limited incoming calls and limited outgoing calls
• The settings app
• Payment apps to make the overdue EMI payment (if any)

The repayment date for Xiaomi Easy Finance powered by axio is on the 5^th of every month.

For the purchase made during 1^st to 15^th of a month the first EMI will be on the 5^th of next month and for the purchase made from 16^th to 31^st of a month the first EMI will be on 5^th of next to next month.

For instance, if you make a purchase between the 1st and 15th of April, your EMI will be due on the 5th of May. For purchases made between the 16th and 30th of April, the EMI will be due on the 5th of June.

Customers would need to register an e-Mandate at the time of applying for a loan. The EMI amount will be automatically debited from the registered bank account on the payment day (subject to successful e-Mandate registration & availability of funds in the bank account). In case this fails, customers must pay using a debit card, net banking, UPI via the axio app (link). 

In case the EMI is not paid or there is a delay in EMI payment, the functionality of the device will be restricted and the restrictions can vary based on the number of days since the EMI was not paid. Once the device is restricted, customers will not be able to access other applications on the device or make outgoing calls (except calls to emergency numbers).

You can settle your loan in advance through various payment methods such as debit card, net banking, or UPI using the Axio app (link). Importantly, there are no penalties for early loan repayment. 

 The date of EMI is fixed on the 5th of every month and this cannot be changed.