Home loan, Car loan... Lot of loans to avail. Lot of advertising about the EMI rates. But how much have you understood about the EMI? - its equated monthly installment, EMI. So what is this EMI and how is it calculated?
What is an EMI?
The EMI stands for equated monthly installment, or the EMI, is the amount of money we have to pay month;y to the bank or the to the lender towards clearing the loan.
EMI payments are made every month, for the entire tenure of the loan, till the outstanding amount is completely repaid.
EMI break-up
The EMI that we pay are broken in compone…
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