What Is EMI Full Form, Full Form Of EMI In Hindi?
Full Form Of EMI Is Equated Monthly Installment,
Some Details About EMI
EMI stands for Equated Monthly Installment. It is a fixed payment amount that a borrower pays to a moneylender at a specific date of each month for a specific period of time. EMI consists of a principal component and interest component that a borrower is supposed to pay to the lender over a specific number of years to pay off the loan in full. So, it is an unequal combination of principal and interest rates. If you are planning to take a loan from a bank, you must understand how banks work out the EMI so that you could evaluate various loan options of different banks and chose one as per your financial constraints.
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