BANKING GENERAL KNOWLEDGE
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Question
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For repayment of loan availed from Banks NBFC we come across a term known as EMI What does it stand for?
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Equated Money Index
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Easy Money Installment
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Equated Monthly Installment
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Equal Monthly Installment
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Explanation:
Detailed explanation-1: -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.
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