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What is Equivalent Monthly Installment (EMI)?
EMI is a fixed payment made by the debtor to the lender on a specific date in each calendar month. Equivalent monthly installments apply to both interest and principal each month, so that in certain years, the loan will be repaid in full. Among the most common types of loans, such as real estate mortgages, auto loans and student loans, the borrower pays the lender a fixed term for several years with the goal of repaying the loan.