Nowadays, due to the increase in inflation, people need to take loans to do their essential work, because people do not have a large amount. So they take loans to build a house, to buy a smartphone, to buy a car or to buy a bike and for other things and they take the help of installments to repay the loan taken. Friends, in today’s post, we will know about EMI itself, what is EMI after all? What is EMI in Hindi?

What is EMI?  EMI Kya Hai In HindiWhat is EMI?  EMI Kya Hai In Hindi

In this way they get big money in one go which they use to settle some main work and return that big money back in the form of installment which is called EMI in English.

You must have also seen in many places that take goods on EMI. After all, what is EMI and what are the advantages and disadvantages of EMI? If you want to know about all these things, then definitely read this article of ours whose topic is what is EMI? What is EMI in Hindi?

What is EMI?

When you take an item and you pay only half of that item without paying the full amount and to pay the rest you do the system of paying installments in a month, then it is called EMI.

If it is understood in one line, then the fixed amount that is paid in a month to pay any type of loan is called EMI and in general EMI is done when the person has some goods. Does not have full money to buy or he does not want to pay full money to buy that goods but wants to get goods also.

In such a situation, he buys the goods after paying half and pays the rest of the goods as installments in a month.

If it is explained in a more general language, then when you take a loan from a bank, then the bank gives all the money as per your requirement and in return you have to pay the loan taken from the bank as EMI. For example, suppose you have taken a loan of ₹ 1,00000 from the bank for 1 year, then you fill this ₹ 1,00000 in a single month, little by little, in a month. In this way in a year the bank gets ₹ 1,0000 from it.

What is the full form of EMI?


EMI: (Equated Monthly Installment)

Equated Monthly Installment is called Monthly Installment in Hindi. You also get the option of EMI to pay off the loan taken from the bank, as well as if you have taken any item on finance by making a down payment, then you also get the option to pay for that product through EMI.

Generally, you get the option to pay the installment for 3 months to 1 year. However, if the loan amount is more, then more than 5 years are given to repay it.

The advantage of taking goods on EMI is that you do not have to pay the full cost of the goods at once, rather you have to pay the down payment and keep depositing the rest of the money as installment. Due to this, there is not much load on you and the goods are also available with you.

What is the other full form of EMI?

As you know that the same word has many full forms. Therefore, below we have also presented a list of some other full forms of EMI in front of you. Given below are the full forms of EMI which are used at different places.

EMI – Electromagnetic Interference.
EMI – Equated Monthly Installment.
EMI – Electric and Musical Instrument.
EMI – Electromagnetic Interference.
EMI – Equal Monthly Installment.
EMI – Equated Monthly Installment.
EMI – Electronic Money Institution.

How does EMI work?

If we talk about how EMI works, then we will explain it to you by giving an example. For example, you took a loan of about ₹ 10000 from a bank for 12 months and this loan was given to you by the bank at 10% interest.

Thus the monthly installment of ₹ 1,00000 for 12 months will be ₹ 8792. Out of this ₹8333 will be the principal amount and ₹458 will be the interest money. So in this way the person has to pay ₹ 1,00000 in 12 months and for this he has to pay ₹ 8792 every month, then in 12 months the bank will get his ₹ 100000 as well as the interest on it. will be received.

However, let us also tell you here that the rate of interest is different in every bank and the rate of interest is higher in private bank than in government bank. That’s why most of the people try to take loan from the government bank itself.

How is EMI decided?

The bigger the loan you take, the higher will be your EMI and let us tell you that it is determined on the amount of the loan, as well as while making the EMI, it is also taken into account that how big the loan is and the amount of loan to be repaid. How much time is being given for

If a person has taken a loan and the repayment period is less then he will have to pay less EMI, as well as less interest on it and if a person has taken a loan of more money then he will have to pay more EMI in the month.

Also, more interest will have to be paid because EMI is less in short term loans because the loan amount is less and more in longer term loans because the loan amount is also more. On some loans, you have to pay only EMI, no interest, and on some loans, you have to pay interest along with EMI.

What are the benefits of EMI?

You must be familiar with the fact that anything has two sides, similarly EMI also has two sides. It also has some advantages and some side effects as well. First let us know what is the advantage of EMI or what are the benefits of EMI.

If it has become necessary for you to buy any item, then you can easily buy it offline or online through EMI.

If you do not have full money to buy any item, then you can buy that item as an installment by paying a small down payment and pay it in monthly installments. On some items, you get the offer of EMI without any interest. In this way, if you take that goods, then you have to pay only the installment and not the interest on the cost of that goods.

When you make payments for the items taken on installment from time to time, it also improves your credit score. In this way, people who have bad credit score, to improve their credit score, take the same on installments and pay it on time. By doing this their credit score will be corrected.

If you take the product on installment from a trustable company, then the chances of you getting cheated are very less.

Due to taking the goods on installment, there is not much pressure on you, nor do you have to invest huge money anywhere at once. You can take the goods with down payment.

What are the disadvantages of EMI?

You have got the information about the benefits of EMI above and know well what are the benefits of EMI. Let us now know further what are the side effects of EMI or what are the disadvantages of EMI.

Because of this, sometimes some people buy more expensive product than necessary and due to this there is a lot of problem in filling the installment of that product.

If the installment of the product taken is not paid on time, then due to this, overdue charge or late fee starts levying, due to which we have to pay a little more money than the cost of the product. If the person has not taken the goods on installment from a trusted company, then he may also have to face fraud.

If the person does not pay the installment on time, then due to this the credit score of the person also starts getting worse. If the person has taken goods from a local shop and he is not able to pay the installment on time, then he also has to face the indecent behavior of the shopkeeper.

Whenever you take goods on installment, read the EMI policy completely, otherwise you may suffer loss.

How to do EMI?

If you have to take goods that too on installment, then for this you first have to find out the address of such shop located near your house, which gives goods on installments.

After knowing this, you have to go to that shop with your bank’s passbook, check book, Aadhar card and necessary documents and you have to negotiate with the shopkeeper to get the goods on installment. If the shopkeeper agrees to give the goods on installment, then after that he gives you a form inside which you have to sign and you have to do some necessary process.

In this way, you get the goods on installments, which you have to pay in a month. Often the shopkeeper in the shop also gives you the option of how much installment you are willing to pay in a month.

How to pay EMI?

Often many people search on the Internet where EMI is filled and how to fill it, so let us tell you that if you have taken the goods on installment from an offline shop, then during the time of taking the goods, they ask for the check book of the bank. On the basis of that, he automatically puts that check in the bank.

In this way the installment is deducted from your bank account and if you do not have enough money in your bank account then you also have to pay penalty and if you continuously bounce your check then the shopkeeper can also take back the product given to you.

That is why it is necessary that you must keep the money in your bank account on the date on which you have given the check. Apart from this, if you have purchased goods on installments from any store online, then its entire payment is deducted from your card and then you have to fill the payment in your card as installment.

In this article, we gave you information about “What is EMI”, as well as we told you about “What is the full form of EMI” and “What are the side effects of EMI” or “What is the advantage of EMI” And you also learned in the article “How to do EMI” or “How EMI is paid” What is EMI? What is EMI in Hindi?

What is the expected EMI? EMI Kya Hai In Hindi! You will have got complete information about this.

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