What Is EMI? How Does it Work? [2022]

What Is EMI? How Does it Work?

Today We Will Tell You A Very Good And Important Information In This Post. If You Have Not Been Able To Get The Information Well, Then Today We Will Tell You In This Post What Is EMI. Because You Too Have Taken Home Loan, Personal Loan, Business Loan Or Education Loan Or Any Other Type Of Loan From Bank Or Credit Card. Or You Must Have Even Thought Of Taking A Loan. Or If Someone In Your Family Has Thought Of Taking It, Then It Is Very Important For You To Know About The EMI Estimation At That Time.

Because When You Take Loan From Any Bank. So The Bank Withdraws Its Money Only Through It And Nowadays Online Shopping Companies Are Also Providing The Option Of EMI. Like Amazon, Flipkart Above These Companies, You Can Buy Any Kind Of Goods With EMI, Even Here You Can Pay With This Mai. So Today We Will Tell You In This Post What Is This Mai. And How It Works. So You Read This Information Thoroughly And Carefully. So That Whenever You Take A Loan From The Bank, You Do Not Face Any Kind Of Problem And Can Get Complete Information About Your EMI. So You Read This Information Thoroughly. So See

What Is EMI?

First Of All Let Us Tell You. What Is EMI? The Full Form Of EMI Is . Equated Monthly Installment And Its Meaning In Hindi. Monthly Installment If You Use Monthly Installments To Repay Any Kind Of Loan. It Is Called EMI. How Much Loan Do You Take? Its Total Amount Is Called The Principal Amount. And The Additional Amount Paid On Top Of That Is Called Interest. And About This, You All Must Know That What Is The Principal Amount. And What Is The Interest. In Today’s Time, Almost Everyone Gives More Importance To Loans. Because By Taking A Loan, You Do Not Face Any Other Kind Of Problem. And If You Borrow Money From Any Of Your Relative Or Friend.

So Because Of That You May Also Have Problems Later. But If You Take Loan Money From Bank. So You Get All The Money In The Loan At Once. So When You Have To Repay The Loan. So You Do Not Have To Pay All The Money At Once. Therefore, The Bank Gives You The Option Of Paying EMI I.E. Monthly Installment To Not Cause Any Kind Of Problem. Under Which You Can Easily Repay The Entire Amount Of Your Loan With Installments. And When If You Take Money From Another Man. So You Have To Pay More Interest. And That Man Will Take All The Money From You At Once. And Does Not Give You The Option Of Any Kind Of Monthly Installment. That If You Take A Loan From Any Kind Of Bank. Repay That Loan Every Month With Monthly Installments. So That Is The EMI. When You Repay The Loan Taken For The Bank. So Along With The Total Amount Taken By Him, You Also Have To Pay Some Separate Money. Which We Call Interest.

How Does EMI Work?

As We Told You On What Is EMI. Now You Must Have Come To Know That What Is EMI. When We Return The Loan Amount With Monthly Installments. It Is Called EMI. So Now We Will Tell You How EMI Works. Whatever Loan You Have Taken From The Bank. His Money Is Divided According To The Time. And At The Same Time, The Interest Charged With It Is Also Divided Over Time. And That Interest Also Has To Be Returned To You Along With The Monthly Installments. For Example, Suppose If You Have Taken A Loan Of ₹ 100000 For 1 Year. And In This Suppose 10% Of The Bank Is Taking Interest From You. So At That Time You Will Have To Give 8792 Rupees In 1 Month. And In This You Will Have To Pay ₹ 8333 Principal Amount And With This You Will Have To Pay 458 Rupees As Interest, You Will Have To Pay Monthly Installment Along With Interest.

How To Calculate EMI/

To Measure EM, First You Have To Open A Website In Your Browser. Whose Name Is. EMI Calculator.Net You Can Open This Website In Your Browser And You Can Open This Website In Both Your Mobile And Computer. And As Soon As You Open It, This EMI Calculator.Net Website Opens In Front Of You. And You Will See 3 Options On Top Of It. Home Loan, Personal Loan And Car Loan And The Type Of Loan You Are Availing. Select It From Here And After Selecting It As If You Are Taking A Personal Loan. And You Want To Calculate His EMI. So First Of All You Have To Enter Your Loan Amount. How Much Amount Do You Want To Take From The Loan. Or Have Taken From Your Loan.

Below You Have To Enter How Much Interest Rate The Bank Is Charging From You. Then After That You Like Suppose You Are Getting ₹ 500000 At 10% Interest. Below You Have To Enter That For How Long You Want The Loan, The Time Of That Loan Has To Be Filled Below. And Then Below You Will See The Calculation Of EMI I.E. You Will See The Calculation Of EMI I.E. EMI Or Monthly Installment Of Your Loan Will Be ₹ 16134, Below That You Will See interest . That is, how much interest is there on your total loan amount, then as you had filled ₹ 5,00,000 above and you had to take a loan at 10% interest rate, then you will have to give the statement ₹ 80809. As I told you also above, all your interest money is added to your monthly installment according to the time, then your total money is Rs 5,80, 8 09, then in this way you can find out the EMI of your loan. Huh.

How to do EMI?

You must have come to know that the monthly installment is called EMI , now you also want to know how EMI works , then tell you that the loan you took is divided according to the tenure , along with the entire loan amount . The interest in the amount is also divided according to the period and it is added to the monthly installment . For example , if a person has taken a loan of Rs 1 lakh for one year i.e. 12 months and the bank is taking 10 % interest in it , then your one month installment will be Rs 8792. In this installment , principal amount of Rs.8333 will remain , while interest of Rs.458 has been added to it . You can visit the website emicalculator.net to calculate EMI online .

How Many Ways Are There To Pay Monthly Installment?

You Can Do The Payment Of Monthly Installment In Two Ways. The First Is To Pay Online Through The Internet And The Second Way is offline . For online payment of EMI, you have to give a signed check or complete details of your debit or credit card at the time of taking the loan. Then every month after that money is automatically deducted from your account and if you choose offline mode of payment of monthly installment. So for that you have to go to the bank and pay your installment money.

Today We Have Told You A Very Good Information In This Post. In This Post, We Told You What EMI Is, What It Means And How It Is Used. And Also Told About Some Other Questions Related To EMI, Then You Must Have Liked This Post, Then If You Like This Post Then Do Not Forget To Share And If You Have Any Question Or Suggestion About It, Then You Can Ask Us By Commenting Below.

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