Word
EMI
Phoneticsemi
Definition
n. Stands for Equated Monthly Installment. A plan where you pay for something expensive by giving a small amount of money every month. It is common for buying things like cars, phones, or furniture.
n. Abbreviation for Equated Monthly Installment. A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Used to pay off both interest and principal over a set number of years so that the loan is paid in full.
Examples
“I pay my car EMI on the first of every month.”
“Before signing the loan agreement, make sure the monthly EMI fits comfortably within your household budget.”
“While a lower interest rate reduces the total cost of borrowing, extending the loan tenure can significantly lower the monthly EMI at the expense of higher cumulative interest payments.”
Examples
simple
“I pay my car EMI on the first of every month.”
contextual
“Before signing the loan agreement, make sure the monthly EMI fits comfortably within your household budget.”
complex
“While a lower interest rate reduces the total cost of borrowing, extending the loan tenure can significantly lower the monthly EMI at the expense of higher cumulative interest payments.”
Usage
Commonly used in Indian and Southeast Asian English; in British or American English, 'monthly installment' or 'monthly payment' is more frequent.
Domains
Scan code
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