Name: Rahul Lalwani & Company
Address: B-3, Abhinandan Galaxy, Basantpur, Rajnandgaon, Chhattisgarh, 491441, IN
Telephone: +91-7000629724
Price range: ₹₹

Question 1

How is EMI calculated?

Accepted Answer

EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly interest rate and n is tenure in months.

Question 2

Does prepayment reduce my EMI?

Accepted Answer

Prepayment typically reduces the outstanding principal; you may choose to lower the EMI or shorten the tenure. Shorter tenure usually saves more interest.

Question 3

Is EMI fixed for the entire loan?

Accepted Answer

On a fixed-rate loan EMI stays constant. On a floating-rate loan the EMI or tenure can change when the lender revises rates.

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