What is an EMI? How can you avail it?

As already discussed EMI are nothing but smaller chunks of the whole amount quoted by the seller for a product or a service that are payable in the future course. With the help of EMIs, most of the big-ticket transactions are converted into affordable instalments for the ease of customers as a person is not in a position to purchase a product if the cost price is more than the monthly income. EMIs or equated monthly instalments are smaller denominations of a larger amount, formulated with an intention to decrease the burden of paying a lump sum at the user’s end while the lender financing the transaction earns a mutually agreed interest and a processing fee during the exercise of disbursing the amount on your behalf.