What is the Full Form of EMI?

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EMI Full Form is Equated Monthly Installment. It is an amount repaid by the borrower to the lender along with the agreed interest. It specifies the number of months you have to pay the sum of "interest and principal" each month, so that the loan is paid off completely.  The poor or middle class may borrow for their personal needs like home, vehicle, household gadgets etc. In an EMI calculation, the two variables comprise of principle and interest.

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