January 2025
Intermediate to advanced
752 pages
17h
English
EMI stands for Equated Monthly Instalment. In simple words, it is the amount a barrower needs to pay to the lender every month till his tenure ends. Once should aware of various terminologies used to calculate EMI and they are as follows.
• Principal (P): The principal is the loan amount you initially borrow from the lender. It is directly proportional to your EMI. The higher the home loan amount, the higher the EMI
• Interest Rate (R): It is the cost of your loan. It differs from one bank to another. The higher the interest rate, higher the EMI will be.
• Tenure (N): The time you take to repay the amount you borrow is called tenure or the period of the loan. The tenure is inversely proportional to your ...
Read now
Unlock full access