EMI Date

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.
With most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan.
For a fixed interest rate loan, the EMI remains fixed for the entire tenure of the loan, provided there is no default or part-payment in between.
The EMI is used to pay off both the principal and interest components of an outstanding loan.
The first EMI has the highest interest component and the lowest principal component. With every subsequent EMI, the interest component keeps on reducing while the principal component keeps rising.
Thus, the last EMI has the highest principal component and the lower interest component.

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