I can only say that I did it with two phones, and every time it was a hassle. On your phone, you need to login with this "Mi account" and grant pretty much every permission there is. Then you need a Windows PC and install a dubious application, connect your mobile and then hope it works, which it might not (happened to me), in which case go to Reddit and find a download link to some older version that still works (it did).
First time I needed to wait 2 weeks. Second time, I made the mistake of using the same Mi account and had to wait 4 weeks, because I did not know each time you unlock something your waiting time doubles. If your phone for whatever reason looses the Mi account connection, everything gets reset and you start from scratch.
It's not the end of the world, but 300$ will also give you a pretty decent Motorola Moto G phone, which are way easier to unlock (all you need is a mail address, and you'll get your unlock code instantly).