Step-by-Step Guide: How to Use the Credit Card EMI Calculator
This Credit Card EMI Calculator helps you determine your monthly installment amount, total interest paid, and principal bifurcation. Follow these steps to use the tool effectively:
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Step 1: Enter Loan Details
- Enter the Credit Card Balance (Loan Amount) – Input the total outstanding amount on your credit card that you want to convert into EMI.
- Enter the Interest Rate (% per annum) – Provide the annual interest rate applied to your credit card EMI. You can find this rate from your bank.
- -start="598" data-end="923">Select How You Plan to Pay Off the EMI – Choose one of the two options:
- Option 1: Pay within a Specific Time Period
- Enter the number of months in which you want to pay off the loan.
- Option 2: Pay a Fixed Monthly Amount
- Enter the specific EMI amount you can afford to pay each month.
- Option 1: Pay within a Specific Time Period
Step 2: Click the “Calculate EMI” Button
- Once you’ve filled in the details, press the “Calculate EMI” button to process the data.
Step 3: View the Results
After clicking calculate, the tool will display:
- Monthly EMI Amount – The fixed installment you will pay each month.
- Total Interest Paid – The total interest amount you will pay over the entire period.
- -start="1339" data-end="1409">Total Amount Payable – The sum of the principal and interest.
- Loan Breakdown Chart – A graphical representation of Principal vs. Interest bifurcation.
- Downloadable EMI Sheet – A detailed EMI breakdown in tabulated form, available for download.
Step 4: Analyze & Plan Your Repayments
- Review the details and decide if the EMI fits your budget.
- Download the detailed EMI sheet for reference.
- Adjust inputs if needed and recalculate to explore different scenarios.
Additional Tips:
✅ If you want to pay less interest, try reducing the repayment tenure.
✅ If the EMI amount is too high, try increasing the tenure but note that interest paid will increase.
✅ Ensure you don’t miss any EMI payments to avoid penalties.
Best Credit Cards to Convert Balance in EMI in India
When You are using our Credit Card EMI Calculator then you may be interested in applying for a new Credit card, there are many credit card provider companies that are offering to convert Balance into EMI. Some are as follows-