EMI – Equated Monthly Installment is a fixed payment amount made by a borrower to a lender at a specified date. Equated on each installment date over time. Installments are used to pay off both interest and principle as per the agreement between the buyers and sellers until paid in full. With most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender unless both parties come to a different agreement.
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