Credit Card EMI Calculator
Estimate your monthly payments when converting credit card bills or purchases into EMIs.
Monthly EMI
₹ 0
* Plus GST on interest component monthly
Total Payable
₹ 0
Principal₹ 50,000
Interest₹ 0
GST & Fees₹ 0
One-time Proc. Fee₹ 0
Repayment Schedule
| Month | Principal | Interest | GST (18%) | Total Pay | Balance |
|---|
What is a Credit Card EMI Calculator?
A Credit Card EMI Calculator helps you determine the monthly installment amount if you choose to convert your credit card outstanding balance or a specific high-value transaction into EMIs. It shows the total interest you will pay over the tenure and the effective cost of the purchase.
How It Works
Banks charge a specific interest rate (usually 12-16% p.a. for merchant EMI, 18-24% for post-purchase EMI) and a one-time processing fee. The calculator uses the reducing balance method to compute the EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P = Principal, R = Monthly Interest Rate, N = Tenure in Months
Example Calculation
Scenario
You bought a phone for ₹50,000 and convert it to 12 months EMI @ 15% p.a.
- 1.Principal = ₹50,000
- 2.Interest Rate = 15% p.a.
- 3.Tenure = 12 Months
- 4.EMI = ₹4,513
- 5.Total Interest = ₹4,155
- 6.Total Payment = ₹54,155 + Processing Fee + GST
Why This Tool is Useful
- ✓Helps you plan big-ticket purchases without straining monthly cash flow.
- ✓Shows the hidden cost of 'No Cost EMI' (if discount is foregone).
- ✓Compares different tenure options (3, 6, 9, 12, 24 months).
- ✓Prevents you from falling into the 'Minimum Due' trap.
- ✓Clarifies the total repayment amount including interest.
Tips & Comparison
- •No Cost EMI: Often, the interest is given as an upfront discount. Check if the product price is cheaper without EMI.
- •Processing Fee: Banks charge a processing fee (e.g., 1-2% or flat ₹199) + GST. Factor this in.
- •Foreclosure: Check if there are charges for closing the EMI early (usually 3% of outstanding principal).
- •Credit Limit: The EMI amount is blocked against your credit limit and released as you pay monthly.