Credit Card EMI Calculator
Key takeaways
- The ₹60,000 purchase costs ₹66,123.38 on EMI — interest ₹4,589.30, fee ₹600.00 and GST ₹934.07 add 10.21% on top.
- The quoted 1.5% a month compounds to 19.56% a year.
- Over 18 months instead of 9, the EMI drops to ₹3,828.35 — while total interest rises to ₹8,910.24 from ₹4,589.30.
Payment schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹6,277 | ₹900 | ₹53,723 |
| 2 | ₹6,371 | ₹806 | ₹47,353 |
| 3 | ₹6,466 | ₹710 | ₹40,886 |
| 4 | ₹6,563 | ₹613 | ₹34,323 |
| 5 | ₹6,662 | ₹515 | ₹27,661 |
| 6 | ₹6,762 | ₹415 | ₹20,900 |
About the Credit Card EMI Calculator
Converting a card purchase into EMIs turns one large charge into fixed monthly instalments, but a card EMI is priced differently from a bank loan EMI. Card issuers often quote the conversion rate per month, and some per year; this calculator takes the monthly figure, so a yearly rate is divided by 12 first (16% a year is 1.33% a month). On top of the interest most add a one-time processing fee plus GST — and the GST applies to the interest component as well as to the fee, because both count as financial-service charges.
This calculator takes the purchase amount, the monthly rate the issuer quotes, the tenure in months and the processing fee, and shows the EMI, the total interest, the fee, the 18% GST on interest and fee together, and the all-in total payable. The purchase price itself is outside the GST calculation here — any GST on the goods was already charged at the point of sale.
Some issuers advertise "no-cost EMI", where interest is offset by a discount on the purchase price rather than genuinely waived. This calculator computes the stated monthly rate exactly as entered; the issuer's terms are what say whether an advertised 0% offer is interest-free or a repriced purchase.
Frequently asked questions
Why does this calculator take a monthly rate?
Card EMI offers are often quoted per month — "1.5% per month" — and some issuers give a yearly rate instead. The calculator uses the monthly figure, and a yearly rate divided by 12 gives it: 16% a year is 1.33% a month. Compounded over twelve months, 1.5% a month works out to about 19.6% a year, so reading a monthly rate as an annual one understates the cost substantially.
Is GST charged on a credit card EMI?
Yes, at 18%, and on both the interest and the processing fee — the interest on an EMI conversion is treated as a charge for a financial service. GST is not applied again to the purchase price itself inside this calculator.
What is "no-cost EMI"?
An offer where the interest is offset by an upfront discount on the price rather than not being charged. The interest usually still appears on the statement, and the GST on that interest is generally still payable, so a "no-cost" EMI is rarely a zero-cost one. The terms of the specific offer are what settle it.
Does converting a purchase to EMI free up my credit limit?
No. The converted amount stays blocked against your credit limit and is released as each instalment is paid. Interest also continues on any other revolving balance on the card, which the Credit Card Interest calculator on this site models separately.
Can I foreclose a card EMI early?
Most issuers allow it and charge a foreclosure fee, typically a percentage of the outstanding amount plus GST. The interest for the remaining months is dropped, but the processing fee already charged is not refunded. Check the issuer's schedule of charges for the exact figures.
Disclaimer: This calculator is for information and education only. It is not investment advice and not a recommendation, and it is not a loan offer. The lender decides the actual interest rate, EMI, fees and eligibility, and whether insurance cover is required, and a floating rate can change during the loan. Charges you did not enter are not included. The card issuer sets the interest and the fees, GST applies to them at the rate set by law, and the card statement is the authority. Every figure is computed solely by applying the formula and assumptions stated on this page to the inputs you entered.