Unravel Your EMI: Key Factors Deciding Your Monthly Loan Repayment

• Loan amount directly impacts EMI; borrowing less can significantly reduce monthly burden.
• Interest rate, influenced by credit score and income, can drastically alter EMI even with small variations.
• Loan tenure balances monthly EMI with total interest paid; longer tenure means lower EMI but higher overall cost.
• A strong credit score is crucial for securing lower interest rates and favorable loan terms.
• Existing financial commitments can lead to higher interest rates or shorter tenures, increasing EMI.

Why It Matters: Understand loan amount, interest, tenure, and credit score to make smarter borrowing decisions.