Car EMI
EMI which stands for Equated Monthly Installments is a type of regular installment made for the repayment of a loan, lease or hire purchase agreement.
It consists of an asymmetrical combination of principal repayment along with interest payment. EMI process has helped innumerable bank and finance companies to monitor and manage various huge installments that are constant in amount. Mostly, the EMI's are collected by the companies in advance as post dated cheques.
