Yes, a Personal Loan can affect savings because EMIs reduce monthly disposable income. When EMIs are high, the ability to save or invest regularly may decrease. This impact is more noticeable if the loan tenure is long or income growth is slow. In India, many borrowers underestimate how EMIs affect long-term savings goals. Proper planning involves ensuring that savings continue even after EMI payments. If savings stop completely, the loan may be stretching finances too much.