EMI Options

When we buy goods, some banks provide us with the EMI option, which allows us to pay the amount in equal monthly installments. The complete form EMI is “Equally Monthly Installment.”

The EMI is calculated by dividing the total amount by the number of months.

Suppose you bought an almirah for Rs 20,000 and want to go for the EMI option for 10 months.
Then each month, you have to pay Rs (20,000 ÷ 10) = Rs 2,000.