EMI stands for Equated Monthly Installment and represents the amount payable every month to the bank or any financial institution until your loan is fully paid off.
For Example, if you borrow ₹2,00,000 from the bank at 8% annual interest for a period of 5 years (i.e., 60 months), then EMI = ₹2,00,000 * 0.06666* (1 + 0.06666)60 / ((1 + 0.06666)60 – 1) = ₹4055.28.
This would mean that you shall be paying ₹4055.28 for 60 months to repay the loan completely. Your total repayment amount shall be ₹2,43,316.73 which includes principal of ₹2,00,000 and interest of ₹43,316.73.
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