EMIs

EMI, or Equated Monthly Installment, is a fixed amount paid every month towards repaying a loan, such as a home or car loan. It includes both the principal (the original amount borrowed) and interest (the cost of borrowing). EMIs make loan repayment manageable by spreading out payments evenly over the loan tenure, allowing borrowers to plan their finances effectively. The amount of each EMI depends on the loan amount, interest rate, and repayment period. Once set, the EMI remains consistent each month, simplifying budgeting and ensuring timely repayment.