EMI FULL FORM

EMI stands for Equated Monthly Installment. It refers to the fixed amount of money that a borrower has to pay to a lender on a monthly basis to repay a loan. EMI includes both the principal amount and the interest amount, which is calculated based on the loan amount, the interest rate, and the loan tenure. EMI is commonly used for home loans, car loans, personal loans, and other types of loans where repayment is made in installments over a period of time.

Loan Amount	Interest Rate	Loan Tenure	EMI
Rs. 1,00,000	12% per annum	24 months	Rs. 4,650.76

In this example, the borrower has taken a loan of Rs. 1,00,000 at an interest rate of 12% per annum, to be repaid over a period of 24 months. The EMI for this loan would be Rs. 4,650.76 per month. This amount includes both the principal and the interest component of the loan. Over the course of the loan, the borrower will pay a total of Rs. 1,11,618.24, which includes Rs. 1,00,000 as the principal amount and Rs. 11,618.24 as the interest amount.

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