What is EMI? How is It Calculated?

Buying a new house, a new motorbike, or even new gadgets has become much easier than it used to be. Why has it become easier, though? It has become easier because you can easily pay through EMIs. This is because the majority of people in the country are salary owners, and their income sources are fueled only once a month; paying in EMIs becomes much easier than having to pay a bulk amount, right? 

What are EMIs, though, and how does it work? Let’s understand that here. 

What is an EMI?