EMI FULL FORM
Full Form of EMI : The Full Form of EMI is Equated Monthly Instalment.
What is the Full form of EMI?
No:1. The full form of EMI is Equated Monthly Instalment.
No:2. Equated Money Installment (EMI) is a fixed sum payable to a moneylender by a borrower for a specified period at a particular date of every month.
No:3. Equated Money Instalments (EMI) consists of a principal sum and interest amount to be charged by a borrower to repay for a specified period of years to pay back the loan in complete.
No:4. Therefore, the EMI is an unequal mix of the interest rate and principal.
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The factor depends on EMI are
The EMI depends on many factors, including the factors which are given below :
No:1. Interest Rate: Rate of interest charged by the moneylender, e.g. Bank.
No:2. Loan Amount (principal loan): The amount borrowed.
No:3. Annual or monthly resting period
No:4. Tenure of the loan: The Loan Amount is the borrowed amount or also referred to as the principal amount, and the time period or duration or tenure of the loan is the lender’s time to repay the complete loan along with its interest. Lenders, for example, Bank charges an interest rate etc.
Flat interest rate:
The interest rate is calculated on the complete principal loan (or loan amount) without considering the fact that with each EMI the principal amount is getting reduced.
Diminishing balance interest rate:
In the case of Diminishing balance Interest rate, the interest amount varies each month as for the 1st month interest is calculated on the whole principal loan and for the subsequent months interest is calculated on the outstanding loan amount.
Benefits of EMI are
No:1. It helps individuals to buy outside their monetary control by allowing them to pay in instalments.
No:2. There is no intermediary and individuals pay the EMI directly to the lender without any hassle contacting an intermediary.
No:3. It does not impact the savings as they are required to pay minimum monthly payments instead of a lump sum.
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No.-2. Free Download 25000 MCQ Question Answers PDF
No.-3. Complete Static GK with Video MCQ Quiz PDF Download
No.-4. Download 1800+ Exam Wise Mock Test PDF
No.-5. Exam Wise Complete PDF Notes According Syllabus
No.-6. Last One Year Current Affairs PDF Download
No.-7. Join Our Whatsapp Group
No.-8. Join Our Telegram Group