EMI Full Form in Hindi, EMI Ka Full Form Kya Hai, What is EMI Full Form, EMI Ka Poora Naam Kya Hai, What is EMI, full name of EMI and what it means in Hindi, answers to all such questions Will be found in the post.
EMI Full Form
The full form of EMI is Equated Monthly Installment . EMI is called समान मासिक क़िस्त in Hindi language. If EMI is said in simple terms then it is a type of monthly installment. The person who has to pay every month who buys any kind of product on EMI. Friends, we hope that by reading the full form of EMI, you will understand what EMI is. So now let's talk about other general information about it.
What does EMI mean?
The full form of EMI is Equated Monthly Installment . To repay the money taken as a loan from EMI Bank or any Financial Institutions, the bank gives you the facility to repay the loan amount in installments. For this, an amount is fixed for you by the bank and a period is also fixed for completing that amount. You have to submit the entire loan of the bank in the same period.
Under EMI, you have to give an amount to the bank which has both principal and interest and this amount has to be given within the given time limit. If the interest rate increases between the time limit given to you then your time limit will also increase. This means you get more time to pay more EMI.
How to calculate EMI?
The calculation of EMI depends on three factors which are as follows -
- Interest Rate: The rate of interest charged by a moneylender, such as a bank.
- Loan Amount: The amount borrowed.
- Tenure of the Loan: Time for the lender to repay the entire loan with interest.
Flat interest rate
If we talk about flat interest rate then we would like to tell you that interest is calculated on the entire principal loan, without considering the fact that the principal amount is decreasing with each EMI. For example, a person wants to buy a car and takes a loan on a car of 3 lakhs, a flat interest rate at 12% and must repay it in 3 years, then the EMI can be calculated as given below.
Principal Amount 300,000
Flat Rate of Interest: 12%
Total Duration: 3 Years
The principal amount (300,000) is divided by 36 months + 12% the principal amount is divided by 12 months = 8333 + 3000 = 11.333. The flat rate of interest usually applies to short-term loans such as car loans and two-wheeler loans.
Declining balance interest rate
In the event of the remaining interest rate falling, the interest amount changes every month because the interest for the first month is calculated on the entire principal loan and for the subsequent months the interest is calculated on the outstanding loan amount. The formula or method of calculating the low interest amount is given below.
Principal Loan Amount = 300,000
Diminishing rate of Interest =12%
Duration: 3 Year
Interest for the first month = Loan Amount (300, 000)*(1/12*)*(12/100) =3000
Interest for the second month = (Outstanding Loan Amount)*(1/12)*(12/100)
ALL Full Form EMI -
EMI - Electromagnetic Inference
EMI - Equated Monthly Installment
EMI - Electric and Musical Instrument
EMI - Electromagnetic Interference
EMI - Equal Monthly Installment
EMI - Equated Monthly Instalment
EMI - Electronic Money Institution
Read Also : LG Full Form
Read Also : TGT Full Form
Hello Friends, I hope that you would have liked this EMI Full Form And What Is EMI? , if you have any questions or suggestions related to this post, then comment below and share this post with your friends.