EMI or Equated Monthly Installments are the fixed monthly payments you will need to pay to a loan provider during the entire loan duration.
The fixed EMI has two components - interest on outstanding loan and the principal repayment. During the initial years, the interest component is much higher and as the the loan period progresses, the principal component starts growing. EMIs are today very common as most of big assets purchased by us are finance by loans like home, cars, etc.
This tool can help you to easily calculate the EMI for your loans.