No Cost EMI - The Cost Calculator

This calculator is used to check the extra cost incurred if No-Cost EMI is used. No-Cost EMI is EMI in which you don't have to pay extra than the initial amount. This is achieved via lowering Principal amount for the loan taken such that after adding interest of EMI to it, total amount is equal to amount of purchase. The principal amount is lowered in form of instant discount given by the retailer. They values calculated by below calculator are approximate only just to have an idea about the cost. Extra Cost calculated below is how much extra you have to pay overall in comparision to if you had made instant payment.

EMI Details

Total amount to be paid
Total duration (in months)
Total discount given for interest can be found on payment page (discount for interest)
Date of Purchase
First EMI Pay Date (same day, next month etc etc)

Bank Details

Tax added to interest paid (in %)


Interest Rate on saving Account (per annum)


Processing fee (in %)
Processing fee Tax (in %)
What are hidden points of No-Cost EMI?
  1. There is always extra cost in form of processing fee and tax
  2. You believe to have taken loan against total amount but in reality you have taken loan of lesser amount.
  3. Rate of interest is hidden or unknown to user
  4. Generally more costly as compared to making instant payment although extra cost may be big or small but it is extra
  5. Banks are not giving you benifit, retailers are
  6. There is also processing fee to be added