title = "EMI Calculation Basics"

content = """
EMI (Equated Monthly Instalment) is the fixed amount the borrower
pays each month towards loan repayment. It includes principal and
interest components.

**Formula:** EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is
principal, r is monthly interest rate (annual rate/12), and n is
tenure in months. Reducing balance method is commonly used.

**Components:** In the initial months, interest component is higher;
as the loan ages, principal component increases. Prepayment reduces
outstanding principal and can reduce total interest.

**Factors:** Loan amount, rate of interest, and tenure determine EMI.
Longer tenure means lower EMI but higher total interest. Banks may
offer flexible tenure within product limits.

**Pragati Bank:** The retail agent can explain that EMI depends on
amount, rate, and tenure and direct customers to the branch or
website for EMI calculators and exact repayment schedule.
"""  # noqa: E501

version = "0.0.1"
