CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Post your credit related queries and find answers from our experts
EMI - equated monthly installment.
Responded by:Responded on25th May 2015
EMI basically is repayment of the loan amount, in parts on monthly basis. The loan amount, whatever the type of loan, is paid back through a series of monthly payments. The payment for each month is done by issuing post-dated cheques drawn in favor of bank or the lender, or through standing intrsuctions set up.
EMI’s are to be paid until the complete amount due is paid up. Also, as the amount of loan taken increases, the EMI amount also increases. If the tenor of the loan is extended then the EMI amount is reduced. It doesn’t mean you will have to payback less amount but rather the monthly amount that you have to pay decreases but the number of months of repayment increases.
Get loans starting from 11.25% interest rate
Know how to improve credit score
FREE credit analysis for 1 year
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.