Mumbai, December 18: Right from bridging a financial gap towards your child’s education to being a backbone during the times of medical emergencies, personal loans have become a major part of our lives. Being an unsecured loan, the financial institutions or banks take into consideration some of the important parameters like your credit history, repayment history and the source of your stable income. However, one of the important factors that play an important role is understanding your exact Equated Monthly Installments (EMIs) while availing for personal loans. Your EMI refers to your monthly intallment towards repaying your outstanding loan. Understanding the exact EMI amount not only helps you to get a sense of your monthly budget but also lets you achieve your goals more quickly. Let’s take a look at various ways you can calculate your EMIs: