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Credit card EMI calculator

What converting a purchase to EMI really costs once GST on the interest and fee is added, next to a personal loan.

Card EMI plan

From the EMI offer; often 13% to 24%

One-time; ₹0 on no-cost EMI offers

Compare with a personal loan
Card EMI a month, with GST on interest
₹5,524
Interest
₹5,326
GST on interest and fee
₹995
Total cost of the EMI
₹6,520
Effective annual cost
19.56%
Card EMI against a personal loan for the same amount and tenure
OptionA monthTotal costEffective a year
Card EMI₹5,524₹6,52019.56%
Personal loan₹5,331₹5,38716.56%

For this amount and tenure, the personal loan costs ₹1,133 less in total.

Is a personal loan cheaper for you? Check real rates

Check your loan offers

Via our referral partner. It uses your PAN, credit score and income to suggest lenders likely to approve you. Approval isn't guaranteed. We may earn a commission. CreditParakh is not a bank or lender and doesn't guarantee approval. Approval is at the bank's or lender's discretion.

How the calculator works

  • EMI on the reducing balance with monthly rests, the way banks price card EMI plans.
  • GST is added on the interest in each EMI and on the processing fee. The monthly figure spreads the GST evenly; real statements show slightly more GST early on.
  • The personal loan uses the same tenure, with its processing fee and GST taken from the loan amount.
  • Foreclosure charges and late fees aren't included. Your bank's EMI offer and terms are final.

Questions people ask

Is GST charged on credit card EMI?

Yes. Banks charge 18% GST on the interest in each EMI and on the processing fee, so the amount on your statement is higher than the EMI you were quoted. On our example of ₹60,000 over 12 months at 16%, GST adds ₹995.

Is no-cost EMI really free?

Usually not quite. On a no-cost EMI the seller or brand gives a discount equal to the interest, but the bank still charges interest on the plan, and GST on that interest and any processing fee is yours to pay. Set the processing fee and the rate the bank shows to see what you actually pay.

Is a card EMI cheaper than a personal loan?

It depends on the rate and the fee. In our example the card EMI costs ₹6,520 and a personal loan at 12% with a 2% fee costs ₹5,387. Card EMIs are quick and need no new loan, but personal loans are often cheaper for larger amounts and longer tenures.

Does a card EMI block my credit limit?

Yes. The full purchase amount is held against your limit when you convert it, and the limit frees up as each EMI's principal is paid. Check this before converting a large purchase if you rely on the card for other spending.

Can I close a card EMI early?

Most banks let you foreclose an EMI plan, usually with a foreclosure charge of a few percent of the balance plus GST. The exact charge is in your card's terms and the EMI offer.

Looking for a card that pays you back instead? See lifetime free cards or try the card finder.

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