What is Pre-EMI and How is Pre-EMI Calculated?
Hero Housing Finance Ltd13 Mar, 2023Finance
Pre-EMI is the interest charged by the lender on the disbursed amount of a home loan before the start of the loan's Equated Monthly Installment (EMI) payments. It is a temporary EMI payment made by the borrower until the full loan amount is disbursed. Pre-EMI is calculated based on the amount of loan disbursed and the agreed upon interest rate. The formula used to calculate Pre-EMI is simple interest, where the interest is calculated on the disbursed loan amount for the number of months until the start of the EMI payments.
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