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No-cost EMI calculator: what it really costs
A no-cost EMI offer is rarely free. GST is still charged on the interest and the fee, and you may lose the discount for paying in full. See the extra cash it costs you.
Estimate. GST at 18% on interest and on the fee, as charged on card and finance-company EMIs. Terms differ by seller and bank, and some add a pre-closure charge. Check the offer terms before you buy.
Common questions
Is no-cost EMI really free?
Not always. GST on the interest and the processing fee are charged to you, and the seller may offer a discount only if you pay in full.
Does GST apply to no-cost EMI?
Yes. 18% GST is charged on the interest portion and on the processing fee, even when the interest is waived by the seller.