Credit Card EMI Calculator

Use credit card EMI for planned high-value purchases like electronics, appliances, travel bookings, or medical expenses where you want to spread the cost. It's beneficial when merchants offer 0% EMI or when regular EMI rates are lower than credit card revolving charges (36-42% p.a.). Avoid using for small purchases due to processing fees.

To get 0% EMI: shop during festive sales when banks tie-up with brands for no-cost EMI offers, look for promotional campaigns on specific product categories, check with merchant if they have ongoing 0% EMI schemes, use bank's preferred partner merchants, and ensure minimum purchase amount criteria is met. Note that processing fee still applies even on 0% EMI.

EMI: Fixed monthly payment, lower interest (13-18% p.a.), known tenure, structured repayment, one-time processing fee. Revolving Credit: Variable payment (minimum 5% of outstanding), very high interest (36-42% p.a.), no fixed tenure, only pays interest each month if you carry balance. EMI is significantly cheaper for paying off purchases over multiple months.

Yes, you can foreclose credit card EMI by paying the outstanding principal amount. Most banks allow foreclosure without penalties after 3-6 months. Contact your bank to request foreclosure, and they'll provide the settlement amount (outstanding principal + interest for current month). The remaining interest component is waived upon foreclosure.

Credit card EMI utilizes your existing credit limit, so high EMI amounts can increase your credit utilization ratio, potentially impacting your score if utilization exceeds 30%. However, timely EMI payments positively impact credit score. Your credit report shows EMI as credit card usage, not as a separate loan.

Minimum purchase amount varies by bank and typically ranges from ₹2,500 to ₹10,000. Premium cards may have lower minimums. Some banks allow EMI conversion only on purchases above ₹5,000. Check your bank's EMI policy or mobile app to see eligible transactions and minimum amounts required.

Missing EMI payments leads to: late payment charges (up to ₹1,300 depending on outstanding), entire remaining EMI amount may become immediately due, credit score drops significantly, loss of interest-free period on new purchases, penal interest on overdue amount, and possible EMI facility suspension. Pay minimum due if you can't pay full EMI to avoid severe penalties.

Yes, most banks offer 'balance transfer to EMI' facility where you can convert your outstanding credit card balance into EMI. However, interest rates for balance-to-EMI are usually higher (16-20% p.a.) than purchase EMIs (13-18%). It's still cheaper than revolving credit charges. Contact your bank to check eligibility and rates.

Common charges include: processing fee (₹99-499, non-refundable), interest charges unless specifically 0% EMI offer, GST on interest and processing fee (18%), foreclosure charges if closed early (usually nil after 3 months), late payment charges if EMI not paid on time. Always read the EMI conversion terms before confirming.

Credit Card EMI: Better for smaller amounts (₹10,000-3 lakhs), instant approval, no fresh documentation, higher interest (13-18%), shorter tenure (up to 24 months), processing fee ₹99-499. Personal Loan: Better for larger amounts (₹50,000+), lower interest (10.5-15%), longer tenure (up to 5 years), processing fee 1-3%, requires documentation. Choose based on amount and tenure needed.

While you can technically pay rent via credit card through payment apps like CRED, Paytm, or MobiKwik (with 1-2% charges), converting rent to EMI is generally not advisable due to: high interest rates eating into benefits, processing fees on each conversion, better alternatives like salary advances or short-term personal loans. Consider EMI only for one-time large rent deposits.

EMI blocks a portion of your credit limit equal to the outstanding EMI amount. For example, if your limit is ₹2 lakhs and you have ₹50,000 in EMI outstanding, only ₹1.5 lakhs is available for new purchases. As you repay each EMI, that amount gets added back to your available limit. Total EMI commitment should not exceed 50% of your limit to maintain healthy credit utilization.