New Delhi, Jan. 28 -- If you are planning to raise a personal loan and find the current monthly instalment too high for your comfort, you can work towards reducing it.

This requires proper planning and some calculation before you jump the gun. The most effective way to do it is to use the personal loan EMI calculator.

It is a great tool wherein you can enter three variables to find out your monthly instalment. If you want to reduce your EMI, you simply need to change the variables according to your convenience to bring down the monthly instalment.

Let us suppose you want to raise Rs.10 lakh for 3 years and the bank is charging 10.5 percent interest on it.

1. Loan amount: Let us suppose, you plan to raise a loan of Rs.10 lakh for three...