EMI-
Principal Amount: This is the initial loan amount that the borrower receives from the lender.
Interest Amount: This is the cost incurred by the borrower for utilising the lender's funds.
It is calculated as a percentage of the outstanding principal balance.
an equated monthly instalment (emi) is a way to pay off a loan in parts over time instead of making a single lump sum repayment.
factors such as the principal amount, loan tenure, and the interest rates determine the amount you pay as your loan emi.