EMI or EMI Amount definition

EMI or EMI Amount means and includes the amount of monthly payment required to repay the principal amount of Loan and Interest by the Insured as set forth in the amortization chart referred to in the loan agreement (or any amendments thereto) between the Bank/Financial Institution and the Insured prior to the date of occurrence of the Insured Event under this Policy. For the purpose of avoidance of doubt, it is clarified that any monthly payments that are overdue and unpaid by the Insured prior to the occurrence of the Insured Event will not be considered for the purpose of this Policy and shall be deemed as paid by the Insured.

EMI or EMI Amount means and includes the amount of monthly payment required to repay the principal amount of Loan and interest by the Insured Person as set forth in the amortization chart. For the purpose of claim settlement against any coverage under this Policy the amortization schedule prepared by the financier as on the loan disbursal date or risk inception date (whichever is later) shall be considered wherever applicable.

EMI or EMI Amount means the amount of monthly payment required to repay the loan availed by Insured Person from Bank/Financial Institution prior to the date of event which may give rise to a claim under this Policy. This is as per the amortization chart referred to in the loan agreement (or any amendments thereto) between the Bank/Financial Institution and the Insured Person. For the purpose of avoidance of doubt, it is clarified that any EMIs that are overdue and unpaid to the Bank prior to the occurrence of the Event, which may give rise to claim under this policy, will not be considered for the purpose of this Policy and shall be deemed as paid by the Insured.

Examples of EMI or EMI Amount in a sentence

• EMI or EMI Amount means and includes the equated amount of monthly payment required to repay the principal amount and Interest of the Credit taken by the Insured Person as set forth in the amortization chart referred to in the Credit agreement (or any amendments thereto) between the Bank/Financial Institution and the Insured Person..

• EMI or EMI Amount means and includes the amount of monthly payment required to repay the principal amount of Loanand Interest by the Insured Person as set forth in the amortization chart referred to in the loan agreement (or any amendments thereto) between the Bank/Financial Institution and the Insured Person prior to the date of occurrence of the event giving rise to a Claim under Section III of the Policy.

• EMI or EMI Amount means and includes the equated amount of monthly payment required to repay the principal amount and Interest of the Credit taken by the Insured Person as set forth in the amortization chart referred to in the Credit agreement (or any amendments thereto) between the Bank/Financial Institution and the Insured Person.