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About the Credit Card EMI Calculator
Converting a card purchase into EMI looks cheap when the issuer quotes "13% per annum" against a revolving rate of 42%. What the quote leaves out is that GST at 18% applies to both the interest and the processing fee, and that a "no cost EMI" is usually a discount that has been withdrawn and rebadged.
This calculator adds the GST and the fee, then converts the whole thing into an effective annual cost so you can compare it honestly against a personal loan — which, above about ₹50,000, is very often cheaper.
The formula
The effective annual cost shown annualises the total charge over the tenure, which is the only fair way to compare a 6-month card EMI with a 3-year personal loan.
Things worth knowing
Frequently asked questions
No-cost EMI schemes fold the interest into the product price by removing a discount that would otherwise apply. You also still pay GST on the notional interest, and often a processing fee. Ask what the item costs if you pay in full — the gap is the real cost.
Interest on a credit card EMI is treated as a financial service, and GST at 18% applies to it as well as to the processing fee. It appears on your statement as a separate line and is not part of the quoted rate.
Yes. The full converted amount is blocked against your limit and is released only as the EMIs are repaid.
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