Under EMI in advance, the first payment is made in advance by the borrower to the bank. The first EMI amount doesn't consist of interest amount, it only consists of principal amount. The principal amount is deducted from the remaining payemnts. However, the EMI payments made after the initial payment include both principal amount and interest.
- Many lenders will allow you to pay advance EMI through easy and hassle-free process by just visting the website of the banks or NBFCs.
- It's a very flexible process as you can pay it using your preffered payment mode.
- You can apply for various loans online that offer an advanced EMI. The entire process has gone completely paperless.
- It helps you to reduce the monthly EMI repayment burden. You are allowed to have surplus funds at your disposal.
- It decreases your interest on the loan.