Zoho Bookings & SalesIQ Alignment

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EMI

Meaning: 

EMI, or Equated Monthly Installment, is a fixed amount of money you pay every month to repay a loan. This amount includes both the principal (the loan amount) and the
interest combined into one monthly payment.

Example:

For instance, if you take a home loan of ₹20,00,000 and your EMI is ₹25,000, you will pay ₹25,000 every month until the loan is fully paid off.

How to understand EMI:

EMIs make large purchases affordable by spreading the payments over several months.  They help in financial planning because the EMI amount is fixed and predictable.

Importance of EMI:

EMIs improve budgeting since individuals know exactly how much to pay each month.
They support economic growth by increasing buying power in the economy.

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