Smartphone brand Mi India on Thursday announced Mi Smart Upgrade, a buyback scheme for Redmi and Mi devices. With users looking at upgrading to the latest offering under the Redmi or Mi portfolio, they can opt for this plan to upgrade and enjoy new models, at an affordable price point.
On an average, in India, users tend to change their devices every year and the value of the phone depreciates right after the purchase of the device. Mi India identified the challenge around the low resale value on smartphones and tailored the Mi Smart Upgrade offering based on this.
With Mi Smart Upgrade, users get the freedom to encash their device any time after 3 months till 15 months of purchase, with exchange value ranging from 40% to 70% (subject to terms & conditions) of the SRP (suggested retail price) of the phone. With this plan, users can get upto 70% of assured value within 4-6 months, 60% for 7-9 months, 50% on 10-12 months and 40% on 13-15 months, from the date of purchase and final billing. Users can get an assured buyback value of 40% of the suggested retail price even after the warranty expires till 15 months from the date of purchase of the old device.
This plan will be available at Mi authorised retail outlets and can be activated through an easy enrolment process with minimal documentation. Users can purchase these buyback options starting at the price point of Rs 399 for devices such as the Redmi 9 Prime going up to Rs 1,999 on premium smartphones like Mi 10. Consumers can buy the Mi Smart upgrade add-on along with their Smartphone purchase at all Mi Authorised Retail outlets.
Commenting on the announcement, Muralikrishnan B, Chief Operating Officer at Mi India said, “As a brand we have always focused on creating unique propositions for our consumers and have created yet another one to continue the momentum of this festive offering. We are thrilled to announce our latest offering - Mi Smart Upgrade which is an assured buyback offer from Mi India. We are confident that this plan will create more opportunities for technology lovers to experience innovation through our latest smartphones and also address the need of the hour by making upgrade options affordable, easy and convenient for our users.”