Credit Card Loan EMI Calculator
Compare with other banks - Instant Loan on Credit Card
| Bank | Interest Rate (%) | Source |
|---|---|---|
| State Bank of India | 12.00 - 16.00 | View Details |
| HDFC Bank | 12.50 - 16.50 | View Details |
| ICICI Bank | 12.75 - 16.75 | View Details |
Credit Card Loan EMI Calculator
Calculate your monthly EMI payments for credit card outstanding balances converted to loan. Our accurate credit card loan EMI calculator helps you plan your finances and understand the total cost of borrowing from your credit card.
How Credit Card Loan EMI Works
- Convert your credit card outstanding balance into an EMI-based loan
- Choose a suitable tenure ranging from 6 months to 5 years
- Pay a fixed monthly amount instead of minimum payments
- Save on high interest charges of credit card outstanding
- Improve your credit utilization ratio
Factors Affecting Credit Card Loan EMI
- Credit Limit: Higher limit may offer better conversion rates
- Outstanding Balance: The amount you want to convert to EMI
- Interest Rate: Usually lower than credit card interest rates
- Minimum Payment: Compare with EMI to see savings
- Credit Score: Better score may get you lower interest rates
- Payment History: Good history helps in loan approval
Credit Card Loan Examples
High Outstanding Balance
If you have ₹2,00,000 outstanding on your credit card at 36% annual interest, converting to a loan at 24% can save significant money.
EMI vs Minimum Payment
Instead of paying minimum amounts and accumulating interest, fixed EMI helps you clear debt faster with predictable payments.
Credit Score Improvement
Converting to EMI reduces credit utilization ratio, which can improve your credit score over time.
Credit Card Loan Conversion Options
Full Outstanding Conversion
Convert your entire credit card outstanding balance into an EMI-based loan for maximum savings.
Partial Conversion
Convert only a portion of your outstanding balance while keeping some flexibility on your credit card.
Cash Advance Loan
Convert cash advances taken from credit card into structured EMI payments at better rates.
Frequently Asked Questions
What is a credit card loan EMI?
Credit card loan EMI is a facility where you can convert your credit card outstanding balance into fixed monthly installments (EMI) at a lower interest rate than regular credit card charges.
How is credit card loan EMI different from minimum payment?
Unlike minimum payments where you pay a small amount and interest keeps accumulating, EMI ensures you pay a fixed amount monthly and clear your debt within a specified tenure.
What are the benefits of converting to EMI?
Benefits include lower interest rates, fixed monthly payments, predictable debt clearance timeline, improved credit utilization ratio, and potential credit score improvement.
What is the typical interest rate for credit card loans?
Credit card loan interest rates typically range from 18% to 30% annually, which is usually lower than the revolving credit card interest rates of 30-42%.
Can I prepay my credit card loan EMI?
Yes, most banks allow prepayment of credit card loans. Some may charge a small prepayment fee, but it can help you save on total interest.
How does EMI conversion affect my credit score?
EMI conversion can positively impact your credit score by reducing credit utilization ratio and establishing a good payment history if you pay EMIs on time.
What is the minimum amount I can convert to EMI?
The minimum amount varies by bank but is typically ₹5,000 to ₹10,000. The maximum is usually your available credit limit or outstanding balance.
Tips for Credit Card Loan Management
- Compare EMI rates with regular credit card interest rates before converting
- Choose the shortest tenure you can afford to minimize total interest
- Avoid using the credit card for new purchases during EMI tenure
- Set up auto-debit to ensure timely EMI payments
- Consider prepayment if you receive bonus or extra income
- Use the calculator to compare different tenure options
- Maintain emergency funds before committing to EMI