About credit card emi calculator
Many banks let you convert a credit card purchase into EMIs. The calculator shows the monthly payment, the interest, the GST on interest and fees and the total cost.
Hidden costs
- Processing fees are often added, along with 18% GST on interest and fees.
- A 'no-cost EMI' still has a cost: the interest may be hidden in a reduced discount.
- Foreclosure charges may apply if you pay off early.
Compare
Compare the total payable with the cash price, and with other ways to pay.
A worked example
A ₹60,000 purchase converted to 12 EMIs at 15 percent has an EMI of about ₹5,415, which makes interest of about ₹4,986. With 18 percent GST on the interest, about ₹897 more, the total comes to about ₹65,883, which is nearly ₹5,900 above the price. Processing fees would add to that.
Cheaper alternatives
Compare with paying from savings, a personal loan at a lower rate, or waiting for a genuine no-cost offer where the discount offsets the interest.
