Understanding Equated Monthly Installment (EMI)
An EMI is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Pro Tip for Home Loans
Increasing your EMI by just 10% every year can reduce your loan tenure by almost 30%, saving you lakhs in interest payments.