Credit Card EMI Calculator
Enter your card's flat or reducing rate and see the real month-by-month cost, GST included.
Reducing (diminishing) rate is charged only on the outstanding balance — increasingly the way issuers quote EMI conversions directly.
GST applies separately to both the processing fee and the interest component of your EMI — this calculator itemizes both rather than folding them into one number.
Month-by-Month Schedule
Interest is charged only on the outstanding balance — highest in month 1 and falling every month as you pay it down, while the EMI itself stays fixed.
| Month | Principal | Interest | EMI | GST on Interest | Total EMI (incl. GST) | Outstanding |
|---|---|---|---|---|---|---|
| Month 1 | ₹9,692 | ₹750 | ₹10,442 | ₹135 | ₹10,577 | ₹50,308 |
| Month 2 | ₹9,813 | ₹629 | ₹10,442 | ₹113 | ₹10,555 | ₹40,495 |
| Month 3 | ₹9,936 | ₹506 | ₹10,442 | ₹91 | ₹10,533 | ₹30,559 |
| Month 4 | ₹10,060 | ₹382 | ₹10,442 | ₹69 | ₹10,511 | ₹20,499 |
| Month 5 | ₹10,186 | ₹256 | ₹10,442 | ₹46 | ₹10,488 | ₹10,313 |
| Month 6 | ₹10,313 | ₹129 | ₹10,442 | ₹23 | ₹10,465 | ₹0 |
| Total | ₹60,000 | ₹2,652 | ₹62,652 | ₹477 | ₹63,129 | — |
Flat rate vs. reducing rate
When a card issuer says “1.5% per month” on an EMI conversion, that’s usually a flat rate— charged on the full original amount for every single month, even though you’re paying the balance down. A flat rate of 1.5%/month works out to roughly double that as an effective reducing-balance rate, the rate charged only on what’s still outstanding — the same basis banks and NBFCs use for regular loans. More issuers now quote the reducing rate directly instead, since it’s the real cost. Use the “Rate Type” toggle above to match whichever way your card issuer quoted the number, and the “Interest” card will show the effective annual rate either way, so you can compare it fairly against a personal loan or overdraft offer.
Where the GST actually applies
GST is charged on the servicecomponents of a card EMI conversion — the processing fee and the interest “spread” the issuer earns — not on the principal you’re repaying. That’s why this calculator itemizes GST on the processing fee and GST on the interest component separately: the two are billed differently in practice (the fee’s GST is usually charged once upfront, while the interest GST accrues every month with the EMI), and lumping them into one number hides that.
Common mistake
Comparing a card EMI’s quoted flat rate directly against a bank loan’s reducing rate and concluding the card is cheaper. They’re not the same unit — always compare the effective annual rate shown above, not the headline number.