Credit Card EMI Calculator

GST of 18% applies to the interest portion of every EMI under the GST law on financial services (effective since 2017). It also typically applies to the processing fee. GST does NOT apply to the principal portion of the EMI.

On a ₹50,000 purchase converted to 12-month EMI at 14% per annum, the interest portion totals roughly ₹3,872 over the year and 18% GST on that comes to about ₹697 — over and above the interest itself. Many calculators omit this GST, which understates the true cost of conversion by 8-10%.

Most card issuers allow foreclosure but charge a foreclosure fee — typically 2-3% of the outstanding principal, plus 18% GST on the foreclosure fee. The issuer also collects the full GST on the remaining interest at foreclosure even though that interest hasn't accrued yet, which often makes foreclosure barely cheaper than continuing the EMI.

Always ask your issuer for a precise foreclosure quote (principal + foreclosure fee + GST on fee + any unbilled interest + GST on interest) before committing. Sometimes paying the schedule through is cheaper than closing early — particularly in the second half of the tenure when most of the remaining payments are principal.

Yes. The outstanding EMI principal is blocked against your credit limit until it's repaid — so a ₹50,000 EMI conversion reduces your available limit by ₹50,000 on day one (less the principal you've paid so far). The block releases gradually each month as you pay down the principal portion of every EMI.

This is why running multiple large EMI conversions in parallel can leave you with very little usable credit on the card even though every EMI is being paid on time. Before converting a large purchase, check your current outstanding EMI block and the headroom you'll need for everyday spends over the tenure.

Personal loans are usually cheaper for amounts above ₹50,000 and tenures longer than 12 months. Personal-loan rates are typically 10.5-14% per annum, and GST applies only to the processing fee — not to the interest. Credit-card EMI rates are typically 13-18% per annum AND GST applies to both the interest and the fee.

Credit-card EMI wins on convenience (no fresh application, instant conversion at the point of sale) and for very short tenures (3-6 months) where a personal-loan processing fee can dominate the cost. For anything large or long, run both through their respective calculators side-by-side before deciding — the gap can be tens of thousands of rupees over a typical 24-month tenure.