EMI Product services

Posted in : Travel Guide     Zooholiday

what is Equated Monthly Installment – EMI:

An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.

What is a 0% EMI?
The 0% interest Equated Monthly Instalments (EMIs) was one of the few attractive schemes which had received strong acceptance, is a case in the point. Recently, Reserve Bank of India asked banks to stop 0% interest charging schemes that allowed consumers to buy goods on equated monthly installments.
How is EMI calculated?
The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

What product I can EMI ?:

our all kind of services you can EMI.like as  Air tickets, Visa, Hotel Booking, Holiday packages you can EMI.Even you can change your money by EMI services, which means due money exchange services.

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