Thinking of converting a big purchase into EMIs? Use this calculator to see your monthly EMI, total interest, processing fee and GST — and the real total you’ll pay. Remember credit card EMI is rarely free: see our guide to converting spends to EMI for the full picture.
Purchase & EMI details
Estimates only. Interest, processing fee, GST and any foreclosure charges vary by bank and card — confirm on your bank’s app before converting. Not financial advice.
How to use this calculator
Enter the purchase amount, the interest rate your bank quotes (commonly around 12–18% p.a.), the tenure in months, and the processing fee. The calculator shows your monthly EMI plus the true total cost including GST. Tick “No-cost EMI” to model an offer where the interest is rebated as a discount — note GST may still apply on the notional interest.
FAQs
Is credit card EMI interest-free?
Only genuine “no-cost EMI” comes close, and even then GST on the interest component may apply. Regular EMI charges interest plus a one-time processing fee and GST.
How is credit card EMI calculated?
Using the standard reducing-balance formula: EMI = P×r×(1+r)^n / ((1+r)^n − 1), where P is the amount, r the monthly interest rate, and n the number of months. Processing fee and GST are added on top.
Does EMI reduce my credit limit?
Yes — the outstanding EMI principal is blocked against your credit limit until it is repaid.
Explore more: EMI conversion guide · income tax calculator · increase your limit · all card reviews.
How card EMI cost is worked out
Banks use the same reducing-balance EMI formula as loans. On top of the interest, you pay a one-time processing fee, and 18% GST on both the interest and the fee. Those extras are why a “15% EMI” usually costs more than 15%.
Worked example
Converting a ₹1 lakh purchase at 15% a year for 12 months:
| Monthly EMI | ₹9,026 |
| Total interest | ≈ ₹8,310 |
| GST on interest (18%) | ≈ ₹1,496 |
| Processing fee, e.g. 1% + GST | ≈ ₹1,180 |
| Total extra cost | ≈ ₹11,000 |
When card EMI makes sense
- Genuine no-cost EMI where the discount truly covers the interest — check the final invoice; see is no-cost EMI really free?
- Short tenures for planned purchases when you would otherwise roll over the full balance at about 42% a year.
When it doesn’t
- Large amounts over long tenures, where a personal loan at a lower rate is cheaper — compare in card EMI vs personal loan.
- Foreclosing early often attracts a fee of around 3% of the outstanding amount.
The EMI amount blocks an equal part of your credit limit until it is repaid, which can raise your utilisation. Read the full credit card EMI guide.
FAQs
Do I earn reward points on EMI transactions?
Usually on the original purchase, not on the EMI instalments or interest.
Does EMI conversion affect my credit score?
Not directly, but higher utilisation from the blocked limit can lower it slightly until repaid.
Figures last checked October 2026. Calculator results are estimates; actual lender, fund or tax outcomes can differ.