What is the full form of EMI?

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    • An equated monthly installment (EMI) is the monthly installment a person needs to pay to a lender to service of a loan taken. EMI takes care of both the interest and the principle. Some of the most common types of loan for which people pay EMIs are housing loan, vehicle loan, personal loan, salary advance and education loan. The interest rate for each of the loan may differ and it also depends upon the banks. Most of the banks while while calculating EMI employ the principle of depreciating interest rate.

2 Responses to What is the full form of EMI?

Apart from the one mentioned above the full form of EMI is Electronic Music Industry.

Also some banks and financial institutions will like you to believe that EMI stands for Easy Monthly installments instead of Equated Monthly Installment… :)
Although I can tell you that it is anything but easy…. :P

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