Glossary
EMI (Equated Monthly Instalment)
What it means
An EMI is calculated so that the same amount paid every month clears the loan by the end of the tenure. Early EMIs are mostly interest; later ones are mostly principal. The formula uses the loan amount, the monthly interest rate and the number of months.
For floating-rate loans, lenders usually keep the EMI fixed and change the tenure when rates move, unless you ask for the EMI to be revised. Our EMI calculator shows the split and the total interest for any combination.
Where it applies
Personal Loan
Collateral-free personal loans from ₹50,000 to ₹50 lakh at rates starting around 10.25% p.a., with disbursal typically within 48 hours of approval.
- Rate from
- 10.25% p.a.
- Up to
- ₹50 L
Home Loan
Home loans from ₹5 lakh to ₹10 crore at floating rates from about 7.35% p.a., with up to 90% funding and tenures up to 30 years, across banks and housing finance companies.
- Rate from
- 7.35% p.a.
- Up to
- ₹10 Cr
Car Loan
New car loans covering up to 100% of on-road price at rates from about 8.5% p.a., with tenures up to 7 years, across banks and captive finance companies.
- Rate from
- 8.50% p.a.
- Up to
- ₹2 Cr
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