No-Cost EMI Calculator
Is 'no-cost EMI' really free? See the discount you give up, GST on interest and processing fee you actually pay.
How to use the No-Cost EMI calculator
- Enter product price, tenure, bank's EMI interest rate and processing fee.
- Read the what it really costs you at the top of the result, with monthly EMI, interest given as upfront discount, gST on interest (18%) underneath. It updates as you type.
- Change one input at a time to see what moves the answer most, then save the result with Copy link or Download PDF.
About this tool
In a no-cost EMI, the seller discounts the price by the interest amount and the bank charges that interest back to you. You don't pay interest, but you do pay GST on it plus the fee, and you lose any cash discount.
Worked example
With product price of ₹50,000, tenure of 6 months, bank's emi interest rate of 15% and processing fee of ₹199:
| What it really costs you | ₹616 |
| Monthly EMI | ₹8,333 |
| Interest given as upfront discount | ₹2,117 |
| GST on interest (18%) | ₹381 |
| Processing fee + GST | ₹235 |
Built and reviewed by Savitar Finance (savitarfinance@gmail.com). Rules and rates last checked October 2026. How we calculate · Report a problem
Questions people ask
Is no-cost EMI actually free?
Not quite. You still pay 18% GST on the interest portion and usually a processing fee. You may also give up a discount available for full payment.
When is no-cost EMI a good deal?
When the price is the same as paying in full and the fee is small. Compare against any upfront cash discount.