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  #1  
Old December 7th, 2015, 10:48 AM
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Default iibf mi

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  #2  
Old January 25th, 2018, 09:38 AM
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I want to know the Monthly Installment (MI) in The Indian Institute of Banking & Finance IIBF so can you tell me?
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  #3  
Old January 25th, 2018, 09:39 AM
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Default Re: iibf mi

Equated Monthly Installment (EMI) refers to the monthly payment a borrower makes on his loan.

Though it is a combination of interest payment and principal repayment, the total monthly amount is calculated in such a way that it remains constant all through the repayment tenure.

The below mentioned example is given to explain the methodology.

Consider that a loan of Rs.1,00,000 is to be repaid over 25 years in equal monthly instalments.

If the annual interest rate is 7%, the monthly EMI is calculated as follows:

(Since the repayments are monthly). So




The EMI will be fixed as Rs.710 in this case by rounding off to the nearest 10 rupees.

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