Here's why you should use a Credit Card EMI Calculator


Plan your instalments better

Loan Against Property - Easy Repayments

Clear distinction between breakup of funds


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Credit cards are not a luxury anymore, but a necessity. They allow you to experience financial freedom while having your back in situations of emergency. So whether it is financing your child’s higher education or attending to a medical emergency, a credit card can be your best bet for financial help. EMI or Equated Monthly Installments are an important feature of credit cards and it helps you plan your installments in a much better way. EMI helps you divide your outstanding amount into smaller payments. However, with ease comes a risk. So, it becomes important that you regularly monitor your payments and set a reminder for the due dates. To do this you can use Credit Card Interest Calculator.

How Does the Credit Card EMI Calculator Work?

So, the next obvious question is, how to use a credit card loan calculator? How to plan monthly installments with the help of this extremely useful tool?

Credit Card EMI Calculator is designed to keep a tab on your interest rates and loan. Thereby, helping you to determine your monthly credit card payout. It can be used by following these simple steps:

  • First, you need to enter the type of EMI
  • Then enter principal amount of the loan taken
  • Then enter the interest rate
  • After that you need to enter the tenure of the loan
  • Now you can easily find your monthly EMI, total interest amount and total amount payable. The EMI will reflect in your monthly bill which you have to pay accordingly.

What you need to keep in mind however is, only using a credit card loan calculator will not guarantee you the EMI allotment that you’re looking forward to. Every bank has a certain procedure in place for this and here’s what they usually follow:

  • Nothing can proceed further without a thorough background check. So, the bank will first check your credit history, loan repayment record, current active loans and your credit score.
  • Once the bank is satisfied with their analysis of your credit records and financial history, they may allow you to use the EMI facility on your credit card.

Benefits of Kotak Credit Card EMI Conversion

Credit Card EMI is an extremely useful service, especially when there is a shortfall of funds in your account, but the expenses are unavoidable. All you need to do at such times is choose the EMI option

1. While making your purchase (Instant EMI)

2. After making the purchase (Transaction to EMI)

3. Convert your bill to EMI (Outstanding to EMI)

  • For Instant EMI, before swiping your credit card, ask for the EMI option and the transaction will be approved if the required funds are available in your account. The transaction gets auto-converted to Instant EMI. Keep a tab on your credit card statements to check if the conversion to EMI was done.
  • For Transaction to EMI, you can use multiple channels like Net Banking, Mobile Banking, and contacting Customer Experience Centre for placing your request to convert the transaction amount into an EMI. Keep a tab on your credit card statements to check if the conversion to EMI was done. Please click here for additional details.

What’s more, you can even plan your purchase with the help of the credit card loan calculator. A credit card interest calculator helps you understand the breakup of funds into various heads like principal, interest and so on.

The Credit Card EMI facility is not just easy, but has many other benefits. Here’s what Kotak Credit Card Instant EMI offers to you:

  • The best part is, you can buy now, and pay later in easy installments.
  • No processing fees! Yes, that’s right! (Only for Instant EMI)
  • Kotak offers you lowest interest rates.
  • Payment tenure is flexible right from 3 months to 48
  • You save on higher interest rates.
  • Documentation is not required.
  • Down payments are not required.
  • You enjoy no-cost EMIs wherein you don’t have to pay extra on leading brands. (Only for Instant EMI)
  • You can use the Instant EMI facility with over 250 brands.

Things to Keep in Mind While Opting for an EMI on Credit Cards

While Credit Card EMI takes your financial freedom to an all new level, opting for a Credit Card EMI can be tricky business. To ensure smooth processing that leaves your financial health unharmed, you must keep in mind a few important things:

  • Interest Rate
    When you choose the Credit Card EMI facility, your bank charges you an interest on your principal or outstanding amount for allowing you to pay later in installments. Usually, longer loan tenures attract a higher interest rate. Risk assessment is conducted based on your credit card repayment history and records to determine the interest rate.

    If you have the privilege of time to plan your purchase, you can take the help of a credit card loan calculator to find out what is the breakup of funds.

  • Processing Fee
    Most banks provide Credit Card EMI as a no-cost facility. But there may be exceptions where you are charged a processing fee. Before opting for the Credit Card EMI facility it is advisable that you verify this factor with your bank.

  • Prepayment Charges
    Another crucial factor that you must consider before choosing the Credit Card EMI option is to get complete understanding of the prepayment charges and applicable taxes. Prepayment charges are a charge or a fee that your bank may ask you to pay on early repayment of your dues. Having this information will specially help if you are aware of certain funds coming into your account in the near future. It can help you make a better decision.

    Kotak Mahindra Bank does not charge you any prepayment or foreclosure fee.

  • Credit Card EMI Facility
    Now this is something that you have to find out before applying for a credit card. While Credit Card EMI is common practice, not all banks may offer you that facility. So, when you decide on getting your credit card from a bank, you should check with them about this facility.

    If you try to avail of it in the middle of a financial crisis and your credit card does not actually allow you to, then you could land in a bigger trouble. So, better informed is always the best way forward!

  • Assessing Your Repayment Capacity
    This cannot be emphasized enough! While opting for Credit Card EMI it is essential that you evaluate your ability to repay the dues in full throughout the allotted tenure. For this, you can use a credit card loan calculator and find out the practicality of your decision.

Kotak Credit Card EMI- Fees & Charges

Like any other bank, Kotak Mahindra Bank also charges an interest whenever you opt for a Credit Card EMI. However:

  • Unlike other banks, Kotak Mahindra Bank offers you the lowest interest rates on the tenure of the loan that you opt for. These interests are charged on a reducing basis.
  • If you opt for a Credit Card EMI then a processing fee may be charged. It varies from zero to the maximum of Rs. 35 per Rs. 1000. However, Kotak Mahindra Bank does not charge you any fee when you pay your principal amount before the end of your EMIs.

Ready to take the next step?

Frequently Asked Questions


On what basis will my EMI on a credit card be calculated?

Whenever you opt for a Credit Card EMI, the bank scrutinizes various factors to ascertain your eligibility and to decide on the amount of EMI and the interest rate. 

They check your credit history and credit score, your loan repayment period, current outstanding loans and other financial history before coming to a decision.

How can I convert my Kotak credit card to EMI?

You can avail the facility of Credit Card EMI before swiping or making an online transaction. Another way to convert your in-store and online purchases is by asking the cashier, who can turn it to EMI through a simple process. In case of an online purchase you can select the EMI option on the payment page.

Should I convert my dues into EMIs?

When you decide to convert your dues into EMIs, you bring convenience to the repayment of your loan. However, it is advisable that before converting your debt into EMI, you must understand the interest rate and other charges that come with the respective card to avoid a strain on your finances.

What happens if I return the items purchased on EMI?

If you return the item you purchased on EMI then the refunding process can depend on two scenarios. If you have cancelled the order before the EMI is created, then you will get an immediate full refund, but if the EMI is already created then you have to pay an extra charge.

Why should I convert credit card purchases into EMI?

Repaying your dues in a single go is a healthy and sound habit, but it is possible that certain situations may arise where you have to spend a lot of money because of some financial emergency. It can be burdensome, especially if you are under a budget constraint. By opting for Credit Card EMI, you can reduce this burden.

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