EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment.
Please note that this site uses cookies to personalise content and adverts, to provide social media features, and to analyse web traffic. Please check our Privacy Policy.
Android is a trademark of Google Inc. Use of this trademark is subject to Google Permissions.