EMI

An EMI (Equated Monthly Instalment) is the fixed amount you pay a lender each month until a loan is repaid. Every instalment contains both interest and principal: early EMIs are mostly interest and later ones mostly principal, though the total stays the same. The amount depends on three things — loan amount, interest rate and tenure. A longer tenure lowers the EMI but raises the total interest you pay. Use an EMI calculator to see that trade-off before choosing a tenure. Apex TechFin offers loan consulting and facilitation; sanction is at the lender's sole discretion.