New Delhi [India], January 22: The key aspect of good financial planning is an understanding of the equated monthly instalments (EMIs). With EMIs, one is capable of handling the loan or even a purchase in terms of instalments paid within a given timeframe, without falling into any type of financial strain. With the use of EMIs, cash flow control of an individual gets better and is easier to plan for other expenses. This repayment method also gives flexibility, allowing people to make big purchases or investments without paying the full amount at once. This article will explain what is EMI, how it works and why understanding it is crucial for financial planning.