Start by calculating your take-home income and listing essential costs such as housing, food, transport, utilities, and family commitments.
Add all existing EMIs and the proposed new EMI. Leave a buffer for irregular expenses, medical needs, repairs, and changes in income.
A longer tenure may reduce the monthly payment but can increase the total interest paid. Compare different repayment schedules using the lender's actual terms.
If the EMI leaves too little room for essentials or savings, consider borrowing less, delaying the expense, or exploring alternatives before taking the loan.
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