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No-cost EMI calculator

The instalments add up to the price on the tag. Whether the plan is free depends on two numbers that are not on the tag: the discount you give up and the fees it adds.

Any instant discount, cashback or bank offer that is not available on the EMI plan. Enter 0 if the price is the same either way.

Processing fee, convenience fee and any tax shown on the plan's charges. Read them off the checkout or the lender's statement.

Computed from the inputs

What the plan costs over paying in full

₹3,199

6 instalments of
₹10,000.00
Fees and taxes
₹199
Total paid on the plan
₹60,199
Paying in full today
₹57,000
As an interest rate, a year
19.06%

The rate is what a loan of the pay-in-full price would cost if it were repaid by these instalments, with the fees paid on day one. It is a way of comparing the plan with other borrowing, not a rate anyone has quoted you. Late fees, and the interest a card charges if its bill is not paid in full, are not included.

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The link will contain only: price, number of instalments, discount, fees. It is built on your device when you press the button. Nothing is sent to emi.me.

Runs entirely in your browser. No sign-up, and nothing you type is sent anywhere. How the maths works.

How to work it out yourself

You need four numbers, and the shop will only volunteer the first two.

  1. The plan price and the number of instalments. ₹60,000 over 6 months is ₹10,000.00 a month.
  2. The pay-in-full price. Ask, or open the same product page and choose full payment. If a ₹3,000 instant discount or bank offer applies only to full payment, the real price today is ₹57,000.
  3. The fees. Look for a processing or convenience fee at checkout, and for tax charged on the plan. Say ₹199.
  4. Subtract. Plan total ₹60,199, less ₹57,000, is ₹3,199.

Computed by the site's engine

Discount given up, fee added

Plan total
₹60,199
Paying in full
₹57,000
The plan costs
₹3,199
As a rate, a year
19.06%

Computed by the site's engine

Same price either way, no fee

Plan total
₹60,000
Paying in full
₹60,000
The plan costs
₹0
As a rate, a year
0.00%

Both receipts describe a plan sold as no-cost. The second one is. If only the ₹199 fee applied, the cost would be ₹199, or 1.14% a year.

When the plan is the right choice

A cost is not a verdict. Paying ₹3,199 to keep ₹57,000 in the bank for 6 months can be sensible if that money is your cushion against a bad month, or if the alternative is a card balance at a much higher rate. It is less sensible if the plan is the reason you are buying at all. The calculator gives you the price of spreading the payments. Whether it is worth paying is yours to judge.

What it leaves out

  • Late payment. Late fees and card interest on unpaid bills are not included.
  • Your credit limit. A card EMI usually blocks part of your limit until it is repaid.
  • What your money earns meanwhile. Interest on savings you keep for longer would reduce the cost a little.
  • Plans with a different shape. Some plans take a down payment or the first instalment upfront. Enter the amounts as closely as you can, and treat the rate as approximate.

For what regulated lenders must disclose on these plans, see pay-later, cards and no-cost EMI: what the rules say.

Frequently asked questions

How do you calculate the cost of a no-cost EMI?
Compare two totals. First, everything you would pay on the plan: the instalments plus any fees and taxes. Second, the lowest price you could pay today in full, after any discount that is not offered on the plan. The difference is what the plan costs. On a ₹60,000 purchase over 6 months with a ₹3,000 discount given up and ₹199 in fees, that is ₹3,199.
Is a no-cost EMI ever really free?
It can be. If the price is the same whether you pay in full or by instalments, and the plan adds no fees, it costs nothing extra and you keep your money for longer. The calculator will show zero. The two things to check are whether a pay-in-full discount exists and whether a fee appears at checkout or on the statement.
Where does the cost hide if the interest is zero?
Usually in one of two places. The seller may fund the lender's interest by withholding a discount you would otherwise have got, so the price itself carries the interest. Or the plan may add a processing or convenience fee, sometimes with tax on it. Neither is called interest, and both are money you pay for spreading the payments.
What does the interest rate in the result mean?
It treats the plan as a loan of the pay-in-full price, repaid by the instalments, with fees paid on day one. In the example that works out to 19.06% a year. It lets you compare the plan with a card, a personal loan or simply waiting. Nobody has quoted you this rate. It is derived from your inputs.
What is the difference between no-cost EMI and regular EMI?
On a regular EMI the interest is shown and added to your instalments. On a no-cost EMI the instalments add up to the listed price and the interest is covered some other way, most often by a discount from the seller. The total you pay can still be higher than the best pay-in-full price.
Does it matter if I miss an instalment?
Yes. The calculator assumes every instalment is paid on time. A late payment can bring a late fee, and on a credit card the unpaid amount can start attracting the card's own interest. Those costs are not in the result.