Is no-cost EMI really free?

Not entirely. In a no-cost EMI, the interest is offset by an upfront discount, but you still pay 18% GST on the interest portion of every instalment, and most banks charge a one-time processing fee (typically ₹99–₹299 plus GST). This calculator shows those hidden amounts explicitly.

What is the effective price of a product on EMI?

Effective price is what actually leaves your pocket: sticker price minus instant bank discount, exchange value and later cashback, plus any interest, GST and processing fees you pay over the tenure.

How is EMI calculated?

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the financed amount, r is the monthly interest rate and n is the number of months. At 0% interest the EMI is simply P divided by n.

Does this calculator send my data anywhere?

No. Everything runs in your browser — nothing you type is uploaded, stored or shared.

EMI & Effective Price Calculator

Monthly EMI, the GST and fees hidden inside "no-cost EMI", and the real price you pay after bank discounts, cashback and exchange. Runs entirely in your browser — nothing is uploaded.

Deal details

Sticker price (₹)

Instant bank discount (₹)

Exchange / trade-in value (₹)

Later cashback / rewards (₹)

Down payment (₹)

Tenure (months)

Interest rate (% per year)

Processing fee (₹, before GST)

No-cost EMI offer (interest refunded as discount; GST on interest + fee still charged)

Monthly EMI

—

What you actually pay

Amount financed—

Total interest—

Interest borne by you—

GST on interest (18%)—

Processing fee + GST—

Later cashback—

Effective price—

vs paying in full

Enter your deal to see the comparison.

The hidden cost inside "no-cost EMI"

No-cost EMI does not mean zero charges. The seller funds the interest as an upfront discount, but two amounts still land on your card statement: 18% GST on the interest portion of every instalment (GST applies to the interest the bank bills, even when the seller refunds the interest itself), and a one-time processing fee, usually ₹99–₹299 plus GST. On a ₹80,000 phone over 9 months that quietly adds ₹700–₹1,200 — small, but not "no cost". The calculator lists both lines explicitly so the effective price is honest.

Effective price: the number that matters in sale season

During festive sales the sticker price is only the starting point. An instant bank discount cuts what you finance; an exchange bonus cuts it further; cashback arrives weeks later but is still your money. Stack those against the interest, GST and fees the EMI adds back, and you get the effective price — the figure worth comparing across Flipkart, Amazon and offline dealers before you commit to a card offer.

Reading the comparison

Effective price below sticker price: the discounts outweigh the financing costs — the EMI route is genuinely cheaper than the tag.
Regular EMI at 14–18%: interest usually dwarfs the discounts on tenures beyond 12 months; check whether a shorter tenure flips the verdict.
Card-specific discounts: instant discounts often require EMI on that bank's card — this tool shows whether the discount survives the EMI's own costs.

Every calculation runs locally in your browser. For deal-hunting context, our daily posts track festive-sale pricing, and the tools hub has more free utilities.