What is the full form of EMI?

What is the full form of EMI?

The full form of EMI is “Equated Monthly Installment“. It is a fixed payment amount that a borrower pays a lender on a specific date of each month for a specific period of time. The equivalent monthly installments (EMI) are used to pay off the interest and principal amount, during a specific tenure, so that the loan is completely fully paid off along with the interest. The interest rate is the rate of interest charged by the moneylender (e.g. Bank), where the principal amount is the amount borrowed and the tenure of the loan is the time granted by the lender to pay the entire loan, including interest.

The formula for EMI (in arrears) is:

or, equivalently,

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