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In banking, E.M.I. stands for Equated Monthly Installment. It refers to the fixed payment amount made by a borrower to a lender at a specified date each calendar month. This installment is used to repay loans, including principal and interest, over a predetermined period. EMIs simplify budgeting for borrowers by spreading the cost of a loan over time.
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What is long form of EMI?
EMI stands for Equated Monthly Installment. This is the amount paid every month as long as the loan amount is outstanding,EMI are mostly calculated, when opting for a loan.
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How do home loan calculators work?
Home loan calculator is an initiative in the financial sector. You can easily calculate EMI with the help of home loan calculator. There is a formula involved in calculating the EMI, with the help of which you can get the EMI amount. But it is a tedious task, so to reduce the effort and time lenders have introduced this loan calculator. You need to put the principal amount of the loan, tenure and the rate of interest of the loan, to get the EMI amount. You can calculate your EMI amount before even applying for a loan. This will help you to get an idea of your loan repayment capability.
What is EMI in banking?
EMI stands for Equated Monthly Installment, a fixed amount of money that a person has to pay to Bank or NBFC every month at a particular date in order to return loan, the person has taken at the time of purchase of any product either online or offline. In monthly installment, the principal plus interest both are added. It allows middle class people to buy luxurious items for his family without burning his pocket. The amount of monthly installments is decided by time, product value, and interest rate charged by the Banks or NBFCs. Above discussed idea is a general EMI concept that everybody follows and knows.An innovation in the field of EMI is introduced by a NBFC known as Bajaj Finserv. They just charge a minimal processing fee on product at the time of purchase through EMI Card but surprisingly they don't take any interest on Principal. The idea simply says that if you buy a product at 50k then you have to pay 50k only (after combining all the installments) means zero interest rate.
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