Question

What is EMI? Why we have to pay it?​

Answer 1

Answer:

This means borrowers who are not able to repay their loans due to monetary difficulties do not need to pay any equated monthly installment , including both the principal and interest component, until 31 August. Opting for this deferment will not adversely impact the credit history of the borrowers.

Explanation:

hope it helps you...

Answer 2

$\huge\bold\red{Answer:-}$

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.