No cost EMI & credit card EMI calculator (with GST)

Divide the price by the number of months to get the EMI. The bank treats part of each EMI as interest, and the merchant pays that interest upfront as a discount. You still pay GST on that interest, plus any processing fee and the GST on it. The worked example on this page shows each step.

GST is charged every month on the interest part of that month's EMI, not on the whole EMI, and once on the processing fee. The interest part is largest in the first month, so the GST line on your statement falls month by month. GST on financial services is 18% (9% central tax plus 9% state tax), which the calculator uses by default; you can change it.

Yes. Interest on an ordinary loan is exempt from GST, but the exemption leaves out interest involved in credit card services. So the interest inside a credit card EMI is taxable even when the merchant pays it through a discount, while the interest on a personal or home loan is not. The bank adds that GST to your statement each month.

Usually the interest is offset by an upfront discount, so your EMIs add up to the purchase price. But GST is charged on the interest component, and there is often a processing fee plus GST. Those are the extra costs this calculator shows. If paying in full would get you a discount or cashback that the EMI doesn't, count that too.

Interest (built into each instalment), GST on that interest every month, and a one-time processing fee plus GST. If you close the EMI early, your bank may charge a foreclosure fee, and late fees apply if you miss a card payment. The calculator covers interest, GST and the processing fee; check your bank's EMI terms for the rest.

Yes. Every bank's card EMI works the same way. Enter the interest rate, tenure and processing fee shown in your bank's EMI offer or terms, and the GST rate from your statement.