Equated Monthly Installment definition

Equated Monthly Installment. (EMI) means the amount of monthly payment necessary to amortize the loan with interest within such period as may be determined by BANK from time to time.

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Equated Monthly Installment means the amount payable every month by the Borrower to the Bank comprising of interest, or as the case may be, principal and interest.

Equated Monthly Installment or “EMI” shall mean the amount of each monthly payment as specified in Schedule I required to be paid to the Lender to repay the Loan with interest over the tenure of the Loan.

Examples of Equated Monthly Installment in a sentence

Loan Terms i.e., Loan Amount, Rate of Interest, EMI (Equated Monthly Installment) and Loan Tenure would be as detailed in Loan Documents.
The Equated Monthly Installment (EMI) amount will be billed to the Credit Card every month in the Statement on the billing date.
The Equated Monthly Installment (EMI) amount will be billed to the Credit Card every month in the Credit Card statement on the billing date.
The Equated Monthly Installment, interest shall be calculated on the basis of monthly rest, applicable as per the terms and conditions in the sanction / offer letter.
Notwithstanding anything to the contrary contained in this Agreement, having regard to the Floating Rate for the time being, LICHFL shall be entitled to increase the Equated Monthly Installment suitably if Equated Monthly Installment is not adequate to cover interest in full and/or the principal component contained in the Equated Monthly Installment is inadequate to amortize the Loan within such period as determined by LICHFL.

More Definitions of Equated Monthly Installment

Equated Monthly Installment means the amount payable every month by the Borrower to the Bank comprising of in terest, or as the case may be, principal and interest calculated on the basis of monthly rests at the rate applicable as stated in the schedule and is rounded off to the next rupee. "Post Dated Cheques" (PDCs) shall mean the cheques issued by the Borrower to match the due date of each installment.

Equated Monthly Installment. (EMI) means the amount of monthly payment necessary to amortize the loan with interest within such period as may be determined by the Lender from time to time. The term “Equated Monthly Installment” shall not mean or be construed as equal installments where the rate of interest to be levied is agreed to be variable.

Equated Monthly Installment. (“EMI”) means the amount of monthly payment necessary to be made to the Lender to amortise the Facility with interest over the tenure of the Facility.

Equated Monthly Installment means the amount payable every month by the Borrower to the Bank comprising of interest, or as the case may be, principal and interest calculated on the basis of monthly rests at the rate applicable as stated in the schedule and is rounded off to the next rupee.

Equated Monthly Installment or “EMI” shall mean the monthly payment obligation of the Borrower to repay the Loan with the Interest accrued thereon (rounded off to the next rupee) within such period as may be determined by the Bank from time to time.

Equated Monthly Installment shall not mean or be construed as equal installments where the Interest Rate to be levied is agreed to be variable.

Equated Monthly Installment means the amount of monthly payment necessary to amortise the Loan with interest, over the tenor of the Loan. EMI amount shall incorporate repayment of principal and payment of interest calculated on the basis of the Interest Rate, periodicity of compounding, periodicity of repayment, periodicity of effecting credits in the account so as to aim repayment of the entire liability under the Loan at the end of its tenor.