The term Equated Monthly Income or EMI refers to a fixed amount of money paid by a borrower to a lender at a pre-agreed date every month. An EMI includes both the interest and the principal amount payable each month over a specified period until you pay off your Personal Loan completely. Other than Personal Loans, Home Loans, Business Loans, Loans Against Property, Car and Auto Loans, and some other types of loans accept this method of loan repayment.