The EMI in Hindi is Equated Monthly Installment. If EMI is said in simple words, then it is a type of monthly installment. Which has to be paid every month, to the person who buys any kind of product on EMI. Friends, we hope that you must have understood by reading the full form of EMI, what is EMI.
How to Calculate EMI:
The calculation of EMI depends on three factors which are as follows -
Interest Rate: The rate of interest charged by the moneylender, such as - Bank.
Loan Amount: The amount borrowed.
Tenure of the Loan: Time is taken by the lender to repay the entire loan with interest.