EMI stands for Equated Monthly Installment. It is a fixed amount of money that a borrower needs to pay to a lender or merchant to repay a loan or debt, such as a home loan, a car loan, a personal loan, etc. . EMI is a popular repayment method as it allows individuals to purchase expensive things and pay for them in easy instalments. The EMI amount is calculated based on the loan amount, interest rate, and loan tenure. The formula considers compound interest and is commonly used across the financial industry. EMIs can be both good and bad, depending on an individuals requirements and financial situation.

In summary, the full form of EMI is Equated Monthly Installment, which is a fixed amount of money that a borrower needs to pay to a lender or merchant to repay a loan or debt.