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EMI

Meaning: 

EMI, or Equated Monthly Installment, refers to a fixed amount of money paid every month to repay a loan. This payment includes both the principal (the original loan
amount) and the interest, combined into one monthly installment.
Example:
For example, if a person takes a car loan of ₹5,00,000 with an EMI of ₹10,000,  they will make monthly payments of ₹10,000 until the loan is fully repaid.


How to understand EMI:

EMIs make large purchases more affordable by breaking down the total cost into smaller monthly amount.
They allow individuals to buy assets like homes, cars, and electronics without needing the full amount upfront.

Uses of EMI:  

Home loan EMIs for purchasing houses and apartments.
Car loan EMIs for buying vehicles.
Personal loan EMIs for medical expenses, education, or travel.




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