EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.
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EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P=Principal, R=Monthly interest rate, N=Loan tenure in months.
Yes, most loans allow prepayment with minimal charges. Prepayment reduces your total interest burden.