Credit Card EMI (Equated Monthly Installment) allows you to convert a large purchase into smaller, manageable monthly payments. Instead of paying the full amount upfront, you pay a fixed amount each month including interest. Most Indian banks like HDFC, SBI, ICICI, and Axis offer this facility on purchases above ₹2,500-₹5,000.
📐 Credit Card EMI Formula
EMI = P × R × (1+R)^N / [(1+R)^N - 1]
P = Principal Amount R = Monthly Interest Rate N = Number of Months
🏦 Interest Rates by Bank (2026)
HDFC Bank: 14% p.a. (0% processing fee on select merchants)
SBI Card: 15% p.a. (1% processing fee + GST)
ICICI Bank: 13.5% p.a. (up to 3% processing fee)
Axis Bank: 16% p.a. (1-2% processing fee)
Kotak Mahindra Bank: 14.5% p.a.
Yes Bank: 15.5% p.a.
💡 How to Use This Calculator
Enter the purchase amount you want to convert to EMI
Select your bank or enter the interest rate manually
Choose the EMI tenure (3 to 60 months)
Enter processing fee percentage (check your bank's policy)
View the EMI breakdown table showing interest and principal for each month
💰 No Cost EMI vs Standard EMI
No Cost EMI is a popular option where the interest amount is reversed as an upfront discount. However, processing fees and GST still apply. Always compare the final price before choosing between No Cost EMI and standard EMI options.
❓ Frequently Asked Questions
What is Credit Card EMI? ▼
Credit Card EMI allows you to convert a large purchase into monthly installments. You pay a fixed EMI each month including interest.
How is credit card EMI calculated? ▼
EMI is calculated using the reducing balance method: EMI = P × R × (1+R)^N / [(1+R)^N - 1].
What is No Cost EMI? ▼
No Cost EMI is a scheme where interest is reversed as an upfront discount. Processing fees and GST still apply.
Can I prepay my credit card EMI? ▼
Yes, most banks allow prepayment with foreclosure charges of 2-5%.