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.
Period from the date of disbursement of loan to the date of the last EMI payment or the date of closure of loan.