Credit cards are issued by different banks based on an individual's credit score. Both salaried and self-employed individuals can obtain credit cards depending on their creditworthiness. Credit cards allow you to make purchases and repay the amount within a set period without incurring interest. Additionally, companies offer various benefits on credit cards through partnerships with different banks.
However, if you do not repay the credit card balance by the due date, interest is charged, similar to other loans. Let’s explore the provisions related to Credit Card EMIs.
To use Jagran Credit Card EMI Calculator fill your loan amount, loan tenure (in years) and the applicable rate of interest in the assigned boxes and click on Calculate.
To calculate the EMI on a credit card, you need to input the loan amount, interest rate, and loan tenure. The formula is as follows:
E = P × R × (1 + R)^n / [(1 + R)^n – 1]*
Where:
E is the EMI amount
P is the loan amount
R is the monthly interest rate (annual interest rate divided by 12)
n is the loan tenure in months
You can use Jagran’s Free Credit Card Calculator Online here.
If you miss a credit card EMI payment, a late fee will be applied. Moreover, your credit score may also take a hit.