Glossary
EMI (Equated Monthly Instalment)
The fixed amount you pay your lender every month until a loan is repaid.
An EMI covers part interest and part principal. Early in a home loan most of each EMI is interest; later most of it is principal. When a floating rate rises, either the EMI or the tenure has to go up, and a higher EMI usually costs far less interest overall.
Related guides
More glossary terms
DeductibleCo-payment (Co-pay)IDV (Insured Declared Value)No Claim Bonus (NCB)Claim Settlement Ratio (CSR)Incurred Claim Ratio (ICR)
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