A maximum loan amount describes the total amount that a borrower is authorized to borrow. Maximum loan amounts are used in standard loans, credit cards and line of credit accounts.
Equated Monthly Installment (EMI) for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off.
An interest rate is the cost of borrowing money, or conversely, the income earned from lending money. Interest rates are expressed as percentage of the principal per period.