Equated Monthly Instalment definition

Equated Monthly Instalment or “EMI” means the amount of monthly payments, comprising of principal and interest calculated in the manner as mentioned in this Agreement, and necessary to amortise the Loan with interest over the tenor/period of the Loan.

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Equated Monthly Instalment or (“EMI”) means the amount of monthly payment necessary to amortise the Loan with interest over the period of the Loan.

Equated Monthly Instalment 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.

Examples of Equated Monthly Instalment in a sentence

Borrower at his own discretion and payment of due principal, interest, bank charges to the Lender can foreclose his loan from three (3) months from the date of his first EMI (Equated Monthly Instalment).
The Borrower is also liable to pay the Lender interest as stated in Schedule II of this Agreement for the additional number of days over and above his scheduled EMI (Equated Monthly Instalment) in case he receives the funds for a period exceeding thirty (30) days from the date of his first EMI (Equated Monthly Instalment).
The Borrower also without any prejudice unconditionally agrees to the EMI (Equated Monthly Instalment) date to be prefixed by the intermediary XYZ as mentioned in the Schedule I to this agreement, which will remain unchanged throughout the tenure of the loan availed unless otherwise stated reasons presented to the satisfaction of XYZ by the Borrower.
I confirm that it shall be my obligation to ascertain the amount/s of the Pre Equated Monthly Instalments, the Equated Monthly Instalment as well as the interest instalments.
Please be advised that applicable indirect taxes and any other amount liable to tax under prevailing Indirect Tax Laws including Goods and Service Tax and Applicable Cess would be recovered on all our fees and charges You are required to note that the Late Payment Charge (LPC) will be applicable if the Equated Monthly Instalment (EMI) is not paid by the due date.

More Definitions of Equated Monthly Instalment

Equated Monthly Instalment means the amount payable every month by the Borrower to the Bank comprising of interest, or as the case may be, principal and interest. “Environmental, Social and Governance Laws” shall mean any law, rules and regulations (including international treaty obligations) applicable concerning (i) environmental matters and natural resource management, (ii) employees and labour and their condition of workplace (particularly compliance with regulations relating to child and forced labour, discrimination and rights of association), (iii) protection of occupational as well as public health and safety, (iv) the regulations of public participation, (vi) the protection and regulations of ownership of land rights (both formal and traditional), immovable goods and intellectual and cultural property rights, (v) all other laws, rules and regulations providing protection of employees and citizens, including respecting human rights life and fire safety and building integrity laws, rules and regulations. “Environmental, Social and Governance Action Plan” shall mean a plan (if any) setting out specific environmental, social and governance measures to be undertaken by Borrower, acceptable to both Parties and developed by ▇▇▇▇▇▇▇▇ and / or Bank.

Equated Monthly Instalment means the amount payable every month by Borrower on the due dates to Bank comprising of interest or as the case may be, principal and interest, whether previously demanded or not.

Equated Monthly Instalment 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.

Equated Monthly Instalment or "EMI/EMIs" means the amount, determined by the Lender, payable every month (as per Schedule I: EMI payable) by the Borrower to the Lender to amortize the Facility with interest over the period of the Facility computed in accordance with the terms of this Agreement.

Equated Monthly Instalment means the amount payable every month by the Borrower to the Bank as stated in the Schedule or as may be amended from time to t ime by the Bank, comprising of interest, or as the case may be, principal and interest. “External Benchmark Rate” in relation to Interest Rate shall mean the market determined reference rate used by the Lender in conformity with the guidelines of RBI to determine the intere st rates on loans, which is subject to review by the Lender periodically "Interest Rate" means the rate at which the Bank shall compute and apply interest on the Personal Loan, as stated in the Schedule or as may be amended from time to time by the Bank. Interest rate shall include the ”External Benchmark Rate” and the various components of spread internally computed by the Bank. Interest rate will be charged on a FIXED basis during the entire tenor of the loan “Loan Account” means the account maintained by the Borrower with the Bank which records the balance amount owed by the Borrower with reference to the Personal Loan. "Parties" means the Bank and the Borrower referred to collectively. "Personal Loan" or “Loan” or “Facility” means the loans granted by the Bank in terms of this Agreement, up to t he limit specified under the Schedule. The expression shall also mean to include the principal amount of Loan and all dues outstanding there under if the context so requires. "Savings Account/s" means the Savings Bank Account(s) of the Borrower, maintained with the Bank. "Schedu le" means the schedules of this Agreement. “Website” shall mean any of the Bank’s website available under URL: ▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇, and shall include mobile phone based application(s) that may be provided by the Bank from time to time. In this Agreement, singular shall inclu de plural and the masculine gender the feminine or neutral gender. Any expression not defined herein shall, if defined under General Clauses Act, 1897 shall carry the same meaning as assigned to it under the said Act. The arrangement of clauses in this Agreement shall have no bearing on their interpretation.

Equated Monthly Instalment means the amount of monthly payment necessary to amortise the Facility with Interest, over the tenure of the Facility, comprising both the principal amount and the Interest thereon;

Equated Monthly Instalment or EMI or Installment” shall mean the amount of each monthly payment as specified in Schedule I required to be paid to the Lender to amortize the Loan with interest over the tenure of the Loan or within such period as may be determined by the Lender from time to time.