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Monthly EMI
Equated Monthly Installment (EMI) is a fixed monthly payment made by a borrower to a lender on a specific date of the calendar month. It consists of both interest and principal components.
A longer tenure reduces your monthly EMI amount but increases the overall interest paid over the life of the loan. A shorter tenure increases the EMI but saves you money on interest.
A fixed interest rate remains constant throughout the loan tenure, making your EMIs predictable. A floating rate changes according to market benchmark rates, meaning your EMIs can increase or decrease over time.
Yes, most lenders allow pre-payments. You can choose to either reduce your monthly EMI amount (keeping the tenure same) or reduce your loan tenure (keeping the EMI same).
Yes, common charges include processing fees, documentation charges, stamp duty, valuation fees (for properties), and GST as applicable. These will be clearly communicated before loan approval.