The full form of EMI is E quated M onthly I nstalments. It is basically the money which is paid monthly to the banks discover personal loan agreement repay our Loan amount. Its calculation depends on various factors such as the Loan amount (principle), the tenor period, and the interest rates. The formula for calculating EMI is- [P x R x (1R) n] [(1R) n-1]. Where p is the principal amount, R is the rate of interest and n is number of monthly instalments.
What will happen if I miss my Insta Loan repayment.
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