About EMI (Equated Monthly Installment)
EMI is the fixed monthly payment you make towards loan repayment, which includes both principal and interest components. EMI calculators help you estimate your monthly financial obligations for different types of loans like Home, Car, or Personal Loans.
Advantages:
- Clear and predictable monthly payments
- Easy financial planning and budgeting
- Helps avoid large one-time financial burden
Disadvantages:
- Long-term interest payments may be high
- Prepayment may attract penalties in some cases
- Defaulting on EMIs affects credit score
