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What Is EMI :-

The full name of EMI is Equated Monthly Installment. When we take loans from banks or companies, this loan amount is so high that it is difficult for us to repay it together, in such a situation, EMI service is provided by companies and banks. After availing this EMI service, we have to pay a fixed amount according to the loan to the bank or company on a fixed date. The facility of repaying loans in installments by banks or financial companies is called “EMI” service.

More Information About EMI :- Technical MBN

What Are Included In The EMI Service :-

Each installment you pay includes the monthly amount [Principal] as well as some amount of interest determined by the bank or finance companies, the main purpose of including it is when you pay your installments continuously. If your principal and interest prices are low.

How EMI is calculated :- EMI calculation is mainly based on three things.

Loan amount,
Rate of interest,
Time or Tenure.

The higher the loan amount, the higher the interest rate, the higher the EMI amount. Conversely, the longer the time or tenure, the lower the EMI amount. You can calculate EMI according to your own. For calculating EMI, online calculator has been made available by many types of companies, in which you can withdraw EMI amount by ensuring your money rate and tenure.

Online EMI Calculator :-

Calculators have also been made available online by companies to calculate EMI. To calculate EMI you can calculate EMI amount by going to all emicalculator.net.

How To Pay EMI :-

Currently, two methods of making EMI payments have been ensured by financial companies and banks :-

EMI Online Payment,
EMI Offline Payment.

More Information About EMI :- Technical MBN

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-{{short description|Loan repayment variant}}
+{{short description|What is EMI And Full Form of EMI / EMI Online-Offline Payment Precautions}}
+{{Technical mbn|technical=technicalmbn.tech}}
-{{Multiple issues|
-{{more citations needed|date=January 2021}}
-{{notability|date=September 2012}}
-}}
+== '''[https://technicalmbn.tech/what-is-emi-and-full-form-of-emi/ What Is EMI :-]''' ==
-An '''equated monthly installment (EMI)''' is defined by [[Investopedia]] as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both [[interest]] and [[principal sum|principal]] each month, so that over a specified number of years, the loan is fully paid off along with interest."
+The full name of ''EMI'' is ''Equated Monthly Installment.'' When we take loans from banks or companies, this loan amount is so high that it is difficult for us to repay it together, in such a situation, EMI service is provided by companies and banks. After availing this EMI service, we have to pay a fixed amount according to the loan to the bank or company on a fixed date. The facility of repaying loans in installments by banks or financial companies is called ''“EMI”'' service.
+'''More  Information  About  EMI''' :-  [https://technicalmbn.tech/what-is-emi-and-full-form-of-emi/ ''Technical MBN'']
-It further explains that, with most common types of loans, such as real estate [[mortgages]], the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are [[mostly]] only allowed one fixed payment amount each month.
+== '''What Are Included In The EMI Service :-''' ==
-The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the [[personal budget]]ing process easier.
+Each installment you pay includes the monthly amount [Principal] as well as some amount of interest determined by the bank or finance companies, the main purpose of including it is when you pay your installments continuously. If your principal and interest prices are low.
+[https://technicalmbn.tech/what-is-emi-and-full-form-of-emi/ How EMI is calculated] :- EMI calculation is mainly based on three things.
-The formula for EMI (in arrears) is:<ref>http://rmathew.com/2006/calculating-emis.html</ref>
-:<math>P \,=\,A\cdot\frac{1-\left({1+r}\right)^{-n} }{r}</math>
-or, equivalently,
-:<math>A \,=\,P\cdot\frac{r(1 + r)^n}{(1 + r)^n - 1}</math>
+# Loan amount,
-where: ''P'' is the principal amount borrowed,  ''A'' is the periodic [[amortization]] payment, ''r'' is the annual interest rate divided by 100 (annual interest rate also divided by 12 in case of monthly installments), and ''n'' is the total number of payments (for a 30-year loan with monthly payments ''n'' =&nbsp;30&nbsp;×&nbsp;12 =&nbsp;360).
+# Rate of interest,
+# Time or Tenure.
+The higher the loan amount, the higher the interest rate, the higher the EMI amount. Conversely, the longer the time or tenure, the lower the EMI amount. You can calculate EMI according to your own. For calculating EMI, online calculator has been made available by many types of companies, in which you can withdraw EMI amount by ensuring your money rate and tenure.
-For example, if you borrow 10,000,000 units of a currency from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = units of currency 10,000,000&nbsp;&middot;&nbsp;0.00875&nbsp;&middot;&nbsp;(1&nbsp;+&nbsp;0.00875)<sup>120</sup>/((1&nbsp;+&nbsp;0.00875)<sup>120</sup>&nbsp;–&nbsp;1) =&nbsp;units of currency 134,935. i.e., you will have to pay total currency units 134,935 for 120 months to repay the entire loan amount. The total amount payable will be  134,935&nbsp;×&nbsp;120 =&nbsp;16,192,200 currency units that includes currency units 6,192,200 as interest toward the loan.
+== '''Online EMI Calculator :-''' ==
-'''The following will help to obtain EMI.'''
+Calculators have also been made available online by companies to calculate EMI. To calculate EMI you can calculate EMI amount by going to all emicalculator.net.
+== '''[[How To Pay EMI]] :-''' ==
-Present Value Splitter function.
+Currently, two methods of making EMI payments have been ensured by financial companies and banks :-
-PV  is to be taken as $1.
-For  interest 6%.  Period 240 months.
-Splitter function.
-Find Splitter function as:
-/(1+(0.06÷12)) =0.9950248756
-Bits Processor.
-This Processor, helps to split $1 into 240 bits, adding 6% interest. This is obtained in 2 steps.
-The bits processor is our Geometric Sequence Calculator.
-fill splitter function as initial term.
-fill common ratio as the same splitter function.
-fill 240 as n.
-the sum of n terms is to be taken into the step 1 of the following.
+# EMI Online Payment,
-Step 1: Find the Sum of n terms of by filling the GP calculator as above: the value is 139.5808
+# EMI Offline Payment.
-Step 2.
-The bits value.(for 240 months)
-/ 139.5808= 0.0071643091
-Now we can present ,
-The 240 bits value of PV =$1, at 6% interest is 0.0071643091.
-When PV is,$1,00,000, the bits value is $716.43091 (240 numbers)
-In other words,
-Loan of $1,00,000,  at 6% interest , period 240 months , EMI is $716.43
-==References==
-{{Reflist}}
-[https://emicalculator.io EMI Calculator]
+'''More  Information  About  EMI''' :-  [https://technicalmbn.tech/what-is-emi-and-full-form-of-emi/ ''Technical MBN'']
 [[Category:Credit]]
 [[Category:Loans]]