Sbi home loan emi calculator
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Equated Monthly Installment (EMI): How It Works, Formula, Examples
What Is an Equated Monthly Installment (EMI)?Home loan interest rate
An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
In the most common types of loans—such as real estate mortgages, auto loans, and student loans—the borrower makes fixed periodic payments to the lender over several years to retire the loan.
Key Takeaways
- An equated monthly installment (EMI) is a fixed payment made by a borrower to a lender on a specified date of each month.
- EMIs are applied to both interest and principal each month so that over a specified time period, the loan is paid off in full.
- EMIs can be calculated in two ways: the flat-rate method or the reducing-balance method.
- The EMI reducing-balance method generally is more favorable for borrowers, as it results in lower interest payments overall.
- EMIs allow
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