Loan EMI: 5 Key Factors That Determine Your Monthly Payments

• Your credit score (750+ is ideal) significantly impacts interest rates, directly affecting your EMI.
• Even a small difference in the interest rate can lead to a substantial change in your total loan cost and monthly EMI.
• The loan amount directly correlates with EMI; borrowing only what's necessary helps manage monthly budgets.
• Loan tenure offers a trade-off: longer tenure means lower EMI but higher total interest, and vice-versa.
• Income stability and additional charges like processing fees also influence your loan's overall cost and repayment capacity.

Why It Matters: Understand credit score, interest, amount, tenure, and income stability for smart EMI planning.