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Concepts
EMI Calculator
In General, the loan is repaid with an equal amount every month.
This monthly payment of the amount is known as Equated Monthly Installments (EMI).
It is the most common instrument to repay the loan, be it a
Personal Loan,
Vehicle Loan, or a
Home Loan.
The payback of loans in this fashion of regular monthly payments is known as Amortization. The amortization schedule details the total amount paid and the outstanding loan amount after each installment.