Many card issuers let you convert a large purchase or your outstanding balance into fixed monthly instalments, usually at a specific EMI interest rate that can differ from your card's regular revolving interest rate. This calculator estimates that EMI.
How to Use This Calculator
- Enter the purchase or balance amount to convert.
- Enter the EMI interest rate offered by your card issuer.
- Enter the tenure in months and any processing fee.
- View your monthly EMI and total cost including interest and fees.
How the Calculation Works
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), plus any one-time processing fee added to the total cost. Where P = amount converted, r = monthly EMI interest rate, n = tenure in months.
Worked Example
A ₹60,000 purchase converted to EMI at 15% annual interest for 6 months, with a 2% processing fee: EMI ≈ ₹10,555/month, plus a one-time processing fee of ₹1,200 — see the calculator above for your exact figures.
Who Should Use This
Cardholders deciding whether to convert a large purchase into EMI, or comparing a card issuer's EMI offer against a personal loan.
Important Considerations
Card issuer EMI rates and processing fees vary widely and are usually higher than home or personal loan rates — always compare the total cost (interest + fees) against alternative financing before opting in.
Common Mistakes
Confusing a card's "0% EMI" marketing with a genuinely free conversion — many such offers embed the cost into the product price or charge a processing fee instead of visible interest.
References
See also the Credit Card Minimum Payment Calculator for the cost of not converting to EMI.