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Any loan has to repaid along with interest. In the case of EMI system of repayment, interest for the entire loan tenure is computed and added to the principal amount. Then the sum is divided by the number of months in which the loan has to be repaid. The result is called EMI. This amount has to be repaid regularly. For accounting purpose the interest components of the EMI would be larger in the initial months and gradually go down. The real rate of interest will be much higher than the rate interest advertised by the Financial Institutions as the principal is also being repaid from first month onwards; but the interest is calculated for the whole loan tenure.
jimmaharvey
Equated Monthly Installment - EMI
A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
With most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month.
The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier
sushobhan
equated monthly instalments
azrim h
Its the monthly instalment you pay when you take home loan.
BDG
In all loan transactions, the term EMI denites equal monthly instalments, which includes principal plus interest.
taparia_raghav
EMI means the installment payment of loan. Generally EMI is payed on monthly basis. You may visit www.hdfc.com
anbu p
Easy monthly Instalment loan
Mohan N
Its an acronym for Equated Monthly Instalments.
Vishwa
You can Take a Home loan with interst and u can pay some percentage amount as security deposit and u can pay remaining amount in Installments with interest.It depends upon your loan and banks and periods.you can repay the remaining amount in 1 yr or 2 yr or upto 10 yr it depend upon you only or bank
kd
it is 'equal monthly installments'.....when ever u buy something on EMI extra money is charged from u as interest..
like a pc is of 40000
u get it on EMI paying Rs. 10100 for 4 months
then the interest charged is Rs 400.
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