EMI (Equated Monthly Installment) is a fixed payment made by a borrower to a lender on a specified date each month. EMIs are used to pay off both interest and principal each month so that over a specified period, the loan is paid off in full.

You can reduce your EMI by: 1) Increasing the loan tenure, 2) Making a larger down payment, 3) Negotiating a lower interest rate, 4) Making prepayments to reduce principal.

Missing EMI payments can result in: Late payment fees, Negative impact on credit score, Legal action by the lender, and Foreclosure of assets in case of secured loans.