Test Your EMI & Loan Knowledge

Challenge yourself with our EMI & Loan quiz! Learn about EMIs, loan tenure, interest rates, and prepayments. Perfect for students, professionals, and finance enthusiasts.

Question 1 of 12

Q1. How is EMI calculated?

A Principal ÷ Loan tenure

B Interest × Loan tenure

C Combination of principal + interest over tenure

D Interest ÷ Loan tenure

Q1. Which factor does NOT affect EMI?

A Loan amount

B Interest rate

C Loan tenure

D Your favorite color

Q1. What does EMI stand for?

A Electronic Money Interface

B Equated Monthly Installment

C Emergency Money Index

D Extra Monthly Interest

Q1. Which type of loan has tax benefits?

A Personal loan

B Credit card loan

C Home loan

D Car loan

Q1. Does a higher interest rate increase EMI?

A No

B Sometimes

C Yes

D EMI decreases

Q1. What is the home loan EMI formula?

A Principal ÷ Interest

B Interest × Tenure

C Principal × Interest × Tenure

D [P × R × (1+R)^N] ÷ [(1+R)^N – 1]

Q1. Does prepayment reduce total interest?

A No, it increases interest

B Yes, it reduces total interest

C It doubles the EMI

D It only reduces principal, not interest

Q1. Which is usually lower: Fixed interest or Floating interest?

A Fixed interest

B Floating interest

C Both are equal

D Depends on the day

Q1. What is loan tenure?

A Total interest to be paid

B Duration of the loan

C Loan amount

D EMI per month

Q1. Can EMI be adjusted mid-loan?

A No, never

B Only for fixed loans

C Yes, with bank approval

D Only if loan tenure is under 1 year

Q1. If loan tenure increases, what happens to EMI?

A EMI increases

B EMI stays the same

C EMI decreases

D EMI doubles

Q1. Is EMI the same as total loan repayment?

A No, EMI is monthly installment

B Yes, they are the same

C EMI is always higher than total repayment

D EMI is only interest

Quiz Complete

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6/8

Correct Answer

Accuracy Rate 50%

Wrong Answers 5/8

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Test Your EMI & Loan Knowledge

Result

Quiz Complete

6/8