Raguragavan Sreetharan | What Is an EMI?

Raguragavan Sreetharan | An EMI Equated Monthly Installment is a financial term used in loan repayments. It’s a quick and easy method to pay off any type of loan. When a borrower takes a loan from a bank or NBFC, the repayment of the loan is done mainly in specific monthly installments. These fixed financial installments are known as EMIs. The amount of EMI is dependent on the principal loan amount, tenure and the interest rate. This monthly installment or EMI amount is supposed to be paid on a fixed date to the bank by cheque or by electronically.