EMI - Product purchases on Equated monthly installments
Purchasing your favorite items has become a reality
Henkako now supports EMI facilities provided by major banks all across India. Now you can buy your dream phones, wide screen LED TVs, etc. easily through attractive EMI offers from your banks. For details, please contact your respective banks.
Get your dream products in few easy steps:
What is an 'Equated Monthly Installment - EMI'
An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. With most common types of loans, such as product purchases, the borrower makes fixed periodic payments to the lender over the course of several months/years with the goal of retiring the loan.
BREAKING DOWN 'Equated Monthly Installment - EMI'
EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month. The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, which makes their personal budgeting process easier.