EMI stands for Equated Monthly Instalment which is a fixed payment a borrower must make on a specified date on a monthly basis. EMI consists of your principal loan amount and interest amount, payable every month.
Based on the repayment schedule, we will divide the principal and interest over the repayment time period. The initial payments have a higher interest component, but later payments have a higher principal component.
* If you would like to see how loan payments are calculated, please click here to see a loan calculator.