Lenders consider your credit score when determining interest rates and loan terms. By reducing the principal amount, prepayments or part-payments can lower your EMI or shorten the loan tenure.Ĭredit Score: Your credit score reflects your creditworthiness. Prepayment or Part-payment: If you choose to make prepayments or part-payments towards your loan, it can impact your EMI. However, remember that longer tenures may also increase the overall interest paid over the loan's duration. A longer tenure usually leads to smaller EMIs. Loan Tenure: The duration or repayment period of your loan affects your EMI. Higher interest rates result in higher EMIs, while lower interest rates lead to lower EMIs.
Interest Rate: The interest rate assigned to your personal loan plays a significant role in determining your EMI. Generally, a higher loan amount will result in a larger EMI, while a smaller loan amount will correspond to a smaller EMI. Loan Amount: The principal amount you borrow directly affects your EMI.
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