Published on July 05, 2026 • Last updated July 05, 2026
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
EMIs are structured payments applied to both interest and principal each month, ensuring that over a specified number of years, the loan is fully paid off. In the early stages of the loan, a larger portion of the monthly payment goes toward interest, while in later stages, more goes toward the principal. This amortization schedule helps borrowers plan their monthly budget and track their path to debt freedom.
Generally, EMIs remain fixed. However, you can change them by making prepayments (which reduces the principal and either tenure or EMI) or by refinancing the loan at a different interest rate or tenure.
For fixed-rate loans, fluctuations do not affect the EMI. For floating-rate loans, an increase in interest rates usually increases the loan tenure while keeping the EMI constant, or increases the EMI if tenure extension is not possible.
In a flat rate loan, interest is calculated on the initial principal throughout the tenure. In a reducing rate loan, interest is calculated only on the outstanding principal, making reducing rate loans significantly cheaper.
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