Answer: An EMI stands for Equated Monthly Installment (EMI). It refers to that fixed amount which the borrower has to pay every month towards repayment of loan he took (or) Insurance he booked.
Amount of EMI is ascertained on the basis if loan tenure, Rate of interest applicable and the amount of loan granted. For example, the Amount of EMI can be lowered down for a particular loan amount and interest rate if the loan tenure is increased.
Our loan EMI calculator can show you how you can lessen your current EMI by increasing your loan tenure. Check it out!
Note: Banks allow to increase the loan tenure only up to retirement age, not beyond than that.
EMI has two components - Interest amount and Principal amount. An EMI calculator can help you know the EMI amount payable loan, No. of EMI to be paid, the total amount of repayments that will contribute to interest and principal, the interest amount and so on.