MONEY & BILLS

Fixed-Rate EMI Calculator

Calculate your monthly loan payment, total interest, and total repayment in seconds.

Enter your loan details

This calculator assumes a fixed annual interest rate and monthly repayments throughout the loan tenure.

Important Note

This calculator uses the standard reducing-balance EMI formula and assumes a fixed interest rate throughout the loan tenure. It excludes processing fees, insurance, and other additional charges. Actual loan payments may vary.

How Is EMI Calculated?

The monthly EMI is calculated using this formula:

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]

Where:

  • P = Principal loan amount.
  • r = Monthly interest rate.
  • n = Total number of monthly payments.

The monthly interest rate is calculated by dividing the annual interest rate by 12 and then by 100. The loan tenure in years is multiplied by 12 to determine the number of monthly payments.

After calculating the EMI:

  • Total Repayment = Monthly EMI × Number of Monthly Payments.
  • Total Interest = Total Repayment − Loan Amount.

This method calculates interest on the outstanding loan balance, which decreases as you repay the principal.

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