SBI Credit Card EMI Conversion

EMI Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Equated Monthly Installment (EMI):

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is EMI Conversion?

EMI (Equated Monthly Installment) conversion allows SBI credit card holders to convert large purchases into manageable monthly payments with interest. This calculator helps determine your monthly payment amount.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

\( P \) — Principal loan amount (INR)
\( R \) — Monthly interest rate (APR/12 as decimal)
\( N \) — Loan tenure in months
\( EMI \) — Equated monthly installment (INR)

Explanation: The formula accounts for compound interest over the loan period to determine fixed monthly payments.

3. Importance of EMI Calculation

Details: Knowing your EMI helps budget monthly expenses, compare loan options, and understand the total interest cost of credit card purchases.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (APR) in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for SBI credit card EMI?
A: APR varies (usually 14-24%) depending on card type, tenure, and ongoing offers. Check your card terms for exact rates.

Q2: Are there any processing fees for EMI conversion?
A: SBI may charge 1-2% processing fee (plus GST) on the principal amount for EMI conversion.

Q3: Can I prepay my EMI loan?
A: Yes, but prepayment charges (usually 2-3% of outstanding) may apply. Check with SBI for current policies.

Q4: How does EMI affect credit score?
A: Timely EMI payments improve credit score, while missed payments negatively impact it.

Q5: Can I convert any purchase to EMI?
A: Most purchases above ₹2,500 can be converted, subject to available credit limit and merchant participation.