Credit Card EMI Calculator
Converting a card purchase into EMIs spreads the payment out, but it adds interest, GST and usually a fee. Enter the details to see exactly what the instalment plan costs.
Results
Monthly EMI
₹5,415.50
- Total interest
- ₹4,985.98
- GST on interest
- ₹897.48
- Processing fee incl. GST
- ₹234.82
- Total extra cost
- ₹6,118.28
- Total payable
- ₹66,118.28
- Extra cost as % of purchase
- 10.2%
Converting ₹60,000.00 to a 12-month EMI at 15% costs ₹6,118.28 extra (10.2% of the purchase), including GST and fees.
Show the calculation steps
- EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) = ₹5,415.50 for 12 months.
- Interest = EMI × n − P = ₹4,985.98.
- GST on interest = 18% of ₹4,985.98 = ₹897.48.
- Processing fee with GST = ₹199.00 × (1 + 18%) = ₹234.82.
- Total extra cost = ₹6,118.28; total payable = ₹66,118.28.
- GST is charged on interest and fees, and is usually billed month by month with each EMI. Foreclosure charges are not included.
What card EMI really costs
Card EMI conversions charge interest on the reducing balance, a processing fee and GST on both. The extra cost as a percentage of the purchase tells you the price of the convenience.
"No-cost EMI" offers
A no-cost EMI does not mean there is no cost: the interest is usually offset by a discount that is removed from the price, or absorbed by the seller. Enter the interest rate to compare it with the price you would pay in cash.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Interest = EMI × n − P
GST = GST % × (interest + fee)
Total extra cost = interest + GST + fee
Where:
- P
- = Purchase amount
- r
- = Monthly interest rate
- n
- = Number of EMIs
Example calculation
₹60,000 purchase at 15% for 12 months, ₹199 fee, 18% GST
Inputs
- Purchase Amount
- ₹60,000
- Interest Rate
- 15 %
- Tenure
- 12 months
- Processing Fee
- ₹199
- GST
- 18 %
Result
- Monthly EMI
- ₹5,415.50
- Total interest
- ₹4,985.98
- GST on interest
- ₹897.48
- Processing fee incl. GST
- ₹234.82
- Total extra cost
- ₹6,118.28
- Total payable
- ₹66,118.28
- Extra cost as % of purchase
- 10.2%
Step-by-step
- EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) = ₹5,415.50 for 12 months.
- Interest = EMI × n − P = ₹4,985.98.
- GST on interest = 18% of ₹4,985.98 = ₹897.48.
- Processing fee with GST = ₹199.00 × (1 + 18%) = ₹234.82.
- Total extra cost = ₹6,118.28; total payable = ₹66,118.28.
Important notes
- GST is normally billed each month with the EMI; the total shown is the sum over the whole tenure.
- Foreclosure charges are not included.
Disclaimer: This calculator provides estimates for informational purposes and should not be considered financial advice. Actual figures from lenders, banks and investment products can differ because of fees, taxes, rounding rules and changing rates. Consult a qualified professional before making financial decisions.
Frequently asked questions
How is credit card EMI interest calculated?
On the reducing balance, as with a loan: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1).
Is GST charged on card EMIs?
GST is charged on the interest and processing fee in India, not on the principal.
Is it cheaper than paying the minimum due?
Usually yes. Revolving a balance on a credit card costs a much higher rate than an EMI conversion.
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