EMI(EquatedMonthlyInstalment)
Definition
A fixed monthly payment made by a borrower to a lender to repay a loan. Each EMI includes both principal repayment and interest. The EMI amount depends on the loan amount, interest rate, and tenure. EMI remains constant throughout the loan tenure for fixed-rate loans.
Example
A home loan of Rs 50 lakh at 8.5% for 20 years would have an EMI of approximately Rs 43,391 per month.
Related Calculators
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