Credit Card EMI Calculator

A Credit Card EMI Calculator estimates your monthly installments, total interest, processing fees, GST, and total cost of ownership when converting a transaction into EMIs.

Yes, under Indian tax regulations, an 18% GST is levied on the interest component and the processing fee of credit card EMIs. GST is not charged on the principal repayment amount.

In a "No-Cost EMI", you still pay interest and GST to the bank. However, the merchant provides an upfront discount equal to the interest payable, meaning the net cash outgo matches the original product price. Note that the 18% GST on the interest component is still paid by the borrower and is not discounted.

When you convert a purchase to EMI, the bank blocks your card's credit limit by the total purchase amount. As you pay your monthly EMIs, the blocked limit is released proportionately month by month.

Yes, you can prepay or foreclose credit card EMIs by calling customer service. Most banks charge a foreclosure fee of 2% to 3% on the outstanding principal, plus 18% GST. Additionally, any interest discount from merchant promotions is lost.

Lenders charge a one-time processing fee ranging from ₹99 to ₹299 (or 1% of transaction value) to process the EMI conversion. This fee attracts 18% GST.

Personal loans generally offer lower interest rates (10.5% to 16% p.a.) than credit card EMIs (13% to 22% p.a.) and do not block credit limits. Choose a personal loan for large amounts and longer tenures (above ₹1 Lakh). Choose credit card EMI for quick purchases under ₹1 Lakh.

Missing an EMI cancels the EMI plan. The outstanding principal is converted back to a regular revolving credit card balance, which attracts high finance charges (36% to 48% p.a.) and late fees, significantly hurting your credit score.

Most banks allow you to convert transactions above a minimum threshold (typically ₹2,500 or ₹5,000) into EMIs. Jewelry purchases, fuel, and gold transactions are usually excluded from EMI conversion due to regulations.

Reducing rate calculates interest on the outstanding principal balance, which reduces monthly. Flat rate calculates interest on the initial purchase amount throughout the tenure, resulting in higher effective interest. Most credit card issuers use reducing balance rate calculations.