What is an EMI?

EMI or Equated Monthly Instalment is a fixed amount paid by the borrower to the bank on a specific date every month. The EMI’s are fixed when the borrower borrows money from the bank as a loan – an amount that combines principal and interest.

How is EMI amount computed?

The EMI amount depends on the product value chosen as well as the tenure selected for loan repayment. The EMI amount is calculated by the system and displayed instantly at the time of the loan application itself.

What are the options for making EMI payments?

EMI shall be paid through National Automated Clearing House (NACH) and will be automatically debited on the EMI due date through the registered bank account. The borrower can check the repayment schedule and the linked bank account by logging into the customer portal.

Can the loan be preclosed/foreclosed?

Yes, a borrower can preclose/foreclose his/her loan as per the loan agreement. Preclose/foreclose charges will be as agreed to and specified in the loan agreement.