The Xiaomi Mi Note 2 is expected to be a competent phablet from the Beijing, China-based electronics company. As per usual, the company promises a “cheap but powerful” device, but this time the upcoming high-end smartphone will be more of “affordable and ultra-powerful” given its specs, features and possible price point.

If you want to enjoy a smartphone experience that is built for the likes of Apple's iPhone 6S Plus and Samsung's Galaxy Note 5 but don't want to spend a lot for the device, the Xiaomi Mi Note 2 is best option for you. The upcoming phablet may have taken inspiration from Huawei and HTC's smartphones in terms of design as per MobiPicker, but it also has hardware and software that are competent enough to go head-to-head with Samsung's and Apple's flagships.

The Xiaomi Mi Note 2 comes with a 5.7-inch 2K display with 2560 x 1440 pixel resolution, and it is expected to be high-end given its rumored Snapdragon 820 quad-core processor and 4GB of RAM, reported TechnoBuffalo.

The phablet comes with 32GB of onboard storage and it is rumored to be running on Android 6.0 Marshmallow out of the box when it gets unveiled in early November and start rolling a week or two after. 

Given its specs and features, tech analysts are anticipating an ultra-fast phablet that can be up to par with top flagships in the market.

Additionally, there are also reports claiming that the handset will sport a fingerprint sensor. According to Softpedia, consumers can also expect a device that has a full-metal body and 4G LTE support.

Xiaomi may have stunned its competitors when the Mi Note 2 rumors surfaced since it has been that long when the Mi Note and the Mi Note Pro were introduced to the market. But, this is also expected from the Chinese company which does not follow the 12-month product cycle.

There's no word yet on the possible price tag of the Android smartphone, but given that Xiaomi is all for affordable devices, consumers can expect Mi Note 2 to be way cheaper than the iPhone 6S Plus and the Samsung Galaxy Note 5.

Unfortunately, there are sources stating that the Snapdragon 820 processor won't be ready yet until next year. Could this mean the company will start rolling the device in 2016? Fans who are eager to know this should just wait till the Nov. 5 event of Xiaomi.