[nilesh]

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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?

[Vishal Kotkar]

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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