EMI, or Equated Monthly Instalment, is the fixed amount paid by a borrower every month to clear off the loan taken from a bank. It is scheduled at a specific date of every calendar month and includes both principal and interest components. Your personal loan EMI depends on the loan principal, the rate of interest and the loan tenure.

It is essential to calculate your EMI before applying for a personal loan. While you can do so manually, using a Personal loan calculator can help you determine the more accurate value. You can select the required loan amount, tenure and rate of interest to get the exact payable EMI amount with an interactive chart.

EMI may affect your monthly expenses until you repay it. Some simple steps that can help you reduce the personal loan EMI and manage outlays easily are:

• Option for a longer repayment tenor - It will help you spread the loan cost over a longer duration and help you pay in small installment
• Negotiate with the loan provider for a lower rate of interest
• Maintain a strong CIBIL score to enjoy lower interest rates and reduced EMI
• Become a My24Loans Member for the best deals as per your needs and repaying capacity

Following factors affect personal loan EMI

• Loan amount - Monthly instalments payable are directly proportional to the loan amount opted for. The higher the loan amount the higher will be your EMI.
• Applicable cornet Interest -Interest rate is a percentage at which lenders charge interest on the Loan amount. A higher interest rate increases the EMIs and vice versa.
• Tenor - it is the repayment period for the personal loan availed and is inversely related to EMIs. A longer tenor reduces monthly instalments while a shorter tenor increases them.

EMI, or Equated Monthly Instalment, is the fixed amount paid by a borrower every month to clear off the loan taken from a bank. It is scheduled at a specific date of every calendar month and includes both principal and interest components. Your business loan EMI depends on the loan principal, the rate of interest and the loan tenure.

It is essential to calculate your EMI before applying for a Business loan. While you can do so manually, using a Business loan calculator can help you determine the more accurate value. You can select the required loan amount, tenure and rate of interest to get the exact payable EMI amount with an interactive chart.

EMI may affect your monthly expenses until you repay it. Some simple steps that can help you reduce the Business loan EMI and manage outlays easily are:

• Option for a longer repayment tenor - It will help you spread the loan cost over a longer duration and help you pay in small installment
• Negotiate with the loan provider for a lower rate of interest
• Maintain a strong CIBIL score to enjoy lower interest rates and reduced EMI
• Become a My24Loans Member for the best deals as per your needs and repaying capacity

Following factors affect Business loan EMI:

• Loan amount - Monthly instalments payable are directly proportional to the loan amount opted for. The higher the loan amount the higher will be your EMI.
• Applicable cornet Interest - Interest rate is a percentage at which lenders charge interest on the Loan amount. A higher interest rate increases the EMIs and vice versa.
• Tenor - it is the repayment period for the Business loan availed and is inversely related to EMIs. A longer tenor reduces monthly instalments while a shorter tenor increases them.