Shree Sharda Realcon & Construction Pvt. Ltd.

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Definition of 'Equated Monthly Installment - EMI'

A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

How is it calculated?

EMI comprises of two variable components those are principal amount and interest rate. The component of interest amount is higher in initial years and decreases over the years.

EMI is calculated using the factors like interest rates, loan amount and the tenure of the repayment.

Formula used is: EMI= (loan amount*interest) * (1+interest)^n [(1 + Interest)^n] - 1