What is credit card EMI?
Credit card EMI lets you pay for a purchase, or part of your card bill, in fixed monthly installments instead of all at once. Your card issuer charges interest on the converted amount, usually with a processing fee, and adds each EMI to your monthly statement.
You can usually convert at the time of purchase (at checkout or the store's card machine) or afterwards, through your card's app, net banking or customer care. Each issuer sets its own minimum amount, tenures and rates.
A loan on a credit card is a different product: a lump sum the issuer offers within or above your limit, credited to your bank account. It is also repaid in EMIs, so you can use this calculator for it too, with the loan's rate and fee.
