New Delhi, Feb. 4 -- When you take out a personal loan, one of the most important considerations is to check the monthly instalment to pay off your debt. In case you are wondering how you can lower your equated monthly instalment (EMI), you can use the personal loan EMI calculator to tweak your monthly instalment.

You can do this by changing three factors, which together comprise your monthly EMI. These three factors will determine how big or small your monthly instalment will be.

Suppose you have taken a Rs.15 lakh personal loan, which you will repay in three years with 12 per cent interest. The current EMI is Rs.49,821.

Suppose you want to pay only Rs.40,000 a month. What will you do in that scenario? The personal loan EMI calculator...