No-cost & card EMI calculator
Buying on EMI at Amazon, Flipkart or any store? See what you really pay — GST on interest, processing fee and all — and a month-by-month bill that matches your bank’s EMI letter.
Later EMIs fall on the same day each month.
E.g. an instant bank discount only for full payment, or reward points the bank reverses on EMI conversion.
Your EMI bill, month by month
Interest is on the reducing balance, monthly, as banks show in their EMI letters; the EMI excludes taxes. GST is charged on each month’s interest and on the processing fee and billed on your card statement. Bank letters round the monthly rate — 1.42% a month is usually 17% a year — so enter the yearly rate when you know it. Initial interest uses amount × yearly rate × days ÷ 360. Foreclosing early usually costs a fee (often 3% of the outstanding principal plus GST). Not financial advice; everything runs in your browser and is saved only on this device. For home or car loans and prepayments, use the EMI & prepayment calculator.
About this calculator
Credit-card EMIs on Amazon, Flipkart, Croma, Reliance Digital and other stores come in two kinds. With a standard EMI you pay the bank’s interest. With a “no-cost” EMI the seller knocks the interest off the price upfront, so your EMIs add up to the sticker price. Either way, the bank adds 18% GST on the interest every month and charges a processing fee plus GST, and you may give up a cashback that was only for full payment.
This calculator works out the EMI before taxes, the GST on each month’s interest, the one-time charges, the total you pay and the effective yearly rate, and lays out the bill month by month so you can check it against your bank’s EMI letter.
Frequently asked questions
- Is no-cost EMI really free?
- Not quite. The seller gives an upfront discount equal to the bank’s interest, so your EMIs add up to the price. But you still pay 18% GST on that interest every month, plus the processing fee and GST on it, and you may give up a cashback offered for paying in full.
- How is GST charged on a credit-card EMI?
- At 18% on the interest part of each EMI and on the processing fee, billed on your statement on top of the EMI. The first months, when interest is highest, carry the most GST.
- Why doesn’t my EMI match my bank’s EMI letter?
- Letters usually show a rounded monthly rate: 1.42% a month is normally 17% a year (1.4167% a month). Enter the yearly rate and the schedule matches to the rupee.
- What is EMI 0 or initial interest?
- Some banks charge interest for the days between booking the EMI and your next statement. Axis Bank, for example, computes it as loan amount × yearly rate × days ÷ 360 and bills it as EMI 0 on the first statement.