The story revolves around four set of people. The first chapter is about a young couple Anil and Shilpa (Ashish Chowdhry - Neha Uberoi) who take number of loans to get married and hence live a luxurious life. And in no time they end up divorcing and defaulting on their EMIs. The second chapter is about an old man Chandrakant (Kulbhushan Kharbanda) who takes loan to help his son go abroad for further studies but it was unfortunate to see his son not lending a helping hand to him and finally leaving the burden of repayment of loan on his father.

The next story is about DJ Ryan (Arjun Rampal) who likes to enjoy life at its fullest and lives on credit cards without any second thought. He falls for hot Nancy (Mallaika Arora), a gold digger who leaves the DJ with huge debts. The last story is about a widow Prerna (Urmila) whose husband has committed suicide having been unable to pay his loans but she is seen proving in the court that he was murdered and all this for the sake of a Rs. 2 crore insurance claim. When none of them is able to pay back the dues, the film marks the entry of Sattar Bhai (Sanjay Dutt), a recovery agent appointed by the bank. He runs Goodluck Recovery Agency which aims to recover the loan amount back from these defaulters in its own unique ways by following one principle - 'Loan liya hai to chukao'. What twists and turns take place when Sattar goes on to encounter these characters makes the rest of the film.

The film which is about credit cards and Bank loans makes you see the bank world. It makes you see how bank employees with their sweet talks 'fasao' the customers to take higher loans, how defaulters keep avoiding the recovery agents and finally how these agents recover the loan amount back from these defaulters.

EMI is a light hearted comedy based on a serious issue, which disappoints its audience with a below average presentation. A better presentation and narration would have done wonders to EMI. The first half of the movie picks up incidents from real life and is therefore quite interesting. But the second half shows typical Bollywood drama with Sanju Baba transforming from a fearful loan recovering agent to a well behaving and kind hearted bhai. Also, he is seen counseling the young couple, Anil and Shilpa, helping Chandrakant and falling head over heels in love with one of the defaulter, Prerna. This journey from facts to fiction, highs to lows have been the major loophole. A graph which at least could have been steadier fell badly in the second half.

Talking of the performances, Sanjay Dutt is convincing as a recovery agent. Though his character is similar to that in Munnabhai series, he fits in the bill completely. Kulbhushan Kharbanda has been outstanding throughout the film. Arjun Rampal too plays his part perfectly. Urmila is good but has nothing much to do in the film. Malaika, as always sizzled in the dance numbers, thats it! Ashish Chowdhry and Neha Uberoi are quite likeable. Manoj Joshi and Snehal Dabhi add charm to many scenes. Moving to its music, it is below average.

Overall, EMI fails to bring out the feeling and power, the subject had. But can be watched because of the uniqueness of its subject.