Your Amortization Details (Yearly/Monthly)
EMI is used to pay off both the principal and interest on a loan that is still outstanding. The interest component of the first EMI is the largest, while the principal component is the lowest. With each succeeding EMI, the interest component continues to decrease while the principal component continues to increase. When you choose the EMI option, the amount of principal outstanding is deducted from your credit card limit. When you pay your EMIs, your debt diminishes. To calculate these EMIs on your credit cards, just with the Credit Card EMI Calculator.
The Credit Card EMI Calculator is an online financial tool that you can use to figure out how much your EMIs will be on your credit card. They are available 24 hours a day, seven days a week, and are completely free. You can use it from anywhere, at any time, and as many times as you want. The calculator is based on an algorithmic technique that will help you calculate your credit card EMI in three easy stages. The calculator is simple to use and does not necessitate any technological expertise.
The calculator will provide you with answers in seconds, including the monthly EMI and the amount of interest that has accrued on your loan. The principal, duration, and interest rate are the only details you must submit. You can use the calculator to figure out how much money you'll need ahead of time. It also doesn't necessitate any physical labour or calculations to function. The tool can help with comparisons and combinations.
The Credit Card EMI Calculator is a tool that you can use to figure out how much your credit card bill will cost in terms of EMI and interest. It eliminates the need for manual EMI and interest calculations, as well as any inaccuracies that might occur with manual calculations. A Credit Card EMI Calculator is simple to use and can be used as many times as you like for free. It enables you to make well-informed judgments about your credit card usage in general.
You can make faster decisions and know how much you can spend on your credit card by using these tools. You'll simply need to enter some basic information, such as the principal amount, the term, and the interest rate, and the calculator will tell you how much EMI you'll have to pay. The calculator also functions as an interest calculator, calculating the amount of interest you'll pay over the specified time period.
All you need to do is choose the Bank of your credit card, enter some basic details, and you will have the results.
Firstly, you need to choose the credit card provider from here.
Using our Credit Card EMI Calculators does not require extensive knowledge; all you have to do is enter the information below.
Principal: The initial amount that you intend to or have borrowed with the Credit Card must be entered as the principal amount.
Tenure: This is the number of months you want your EMIs to be spread out over to repay the loan.
Interest Rate: This is the interest rate that the Bank provides you on your credit card loan.
When you enter the following information into the calculator, it will calculate the interest rate as well as the EMI you will be paying toward the payback. You may also use a single calculator to compare alternative borrowing plans by entering different principal amounts and interest rates.
The formula below can be used to determine the EMI on your credit card account.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = This is the Amount that you would have to pay each month - the EMI.
P = This is the principal amount that you borrowed.
R = This is the rate of interest.
N = This is the time of the loan in months.
This is the formula that your computation would be based on, and let's look at an example to better understand it.
Suppose you have borrowed Rs. 50,000 from the Bank's credit card that you have this month, for the tenure of 12 months, and at the rate of 8%; what would be the EMI and the interest amount that they would pay on this loan? This is explained below.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 50,000
R = 8%
N = 12 months
Based on this formula - the calculator will show you the following outcomes:
EMI Amount = Rs. 4,350
Interest Amount = Rs. 2,193
The Total that you would repay = Rs. 52,193
You may also want to read 13 Things You Need to Know About Credit Cards
There are various advantages to utilizing our Credit Card EMI Calculators, and the following are some of the essential ones to consider: