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

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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.