There are a few ways that you can format your Redmi phone. You can do it through the settings menu, or you can do it through the Recovery menu.
Through the settings menu, you can go to the "About phone" section and tap on the "Format phone" option. This will erase all of the data on your phone, so make sure that you have backed up any important files before doing this.
You can also format your phone through the Recovery menu. To do this, you will need to power off your phone and then press and hold the volume down and power buttons simultaneously. This will bring up the Recovery menu. From here, you can use the volume buttons to navigate to the "wipe data/factory reset" option and select it with the power button. This will also erase all of the data on your phone, so again, make sure that you have backed up any important files before doing this.