Home Back

Credit Card Monthly Minimum Calculator India

Time to Pay Off Formula:

\[ T = \frac{\log\left(\frac{P}{P - MP \times R}\right)}{\log(1 + R)} \]

INR
INR
%

Unit Converter ▲

Unit Converter ▼

From: To:

1. What is the Credit Card Payoff Calculator?

This calculator estimates how long it will take to pay off your credit card debt in India if you only make the minimum payments each month. It accounts for your principal balance, minimum payment amount, and annual interest rate.

2. How Does the Calculator Work?

The calculator uses the following formula:

\[ T = \frac{\log\left(\frac{P}{P - MP \times R}\right)}{\log(1 + R)} \]

Where:

Explanation: The formula calculates how many months it would take to pay off the debt by comparing the principal to the portion of the payment that goes toward reducing the principal (after interest is paid).

3. Importance of Minimum Payment Calculation

Details: Understanding how long it takes to pay off credit card debt with minimum payments helps consumers realize the true cost of carrying balances and the benefits of paying more than the minimum.

4. Using the Calculator

Tips: Enter your current credit card balance in INR, your card's minimum payment (typically 3-5% of balance), and your annual interest rate (APR). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Why does it take so long to pay off with minimum payments?
A: Minimum payments are designed to mostly cover interest charges, with only a small portion reducing your principal balance each month.

Q2: What is a typical minimum payment in India?
A: Most Indian credit cards require 5% of the outstanding balance or a fixed minimum amount (e.g., ₹100), whichever is higher.

Q3: How can I pay off my credit card faster?
A: Pay more than the minimum, make bi-weekly payments, or consider a balance transfer to a lower-interest card.

Q4: Does this account for late fees or other charges?
A: No, this calculator only considers regular minimum payments and interest charges.

Q5: What if my card has different interest rates for different balances?
A: For the most accurate results, use the highest APR that applies to your balance.

Credit Card Monthly Minimum Calculator India© - All Rights Reserved 2025