About the Credit Card Payoff Calculator
What is the Credit Card Payoff Calculator?
Credit card debt is one of the most expensive forms of borrowing in India, with interest of about 3–3.75% a month (36–45% a year) plus 18% GST on that interest. Paying a fixed amount every month is the surest way out.
Enter your balance, the card's annual rate and the monthly payment you can make. This credit card payoff calculator shows how long it will take, the interest, the GST and the total you will pay.
How to use the Credit Card Payoff Calculator
- Outstanding Card Balance (₹) (sample: 1,00,000)
- Card Interest Rate (% per year) (sample: 42)
- Monthly Payment (₹) (sample: 6,000)
- Press Plan Card Payoff (results also refresh as you type). The result card shows the Months to Clear the Card, along with Total interest, GST on interest (18%), Total paid and Monthly interest rate.
Formula used
Each month: Balance = Balance + Interest × 1.18 − Payment
- Interest = balance × annual rate ÷ 12
Stop using the card while paying it off — new purchases also attract interest when you carry a balance.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Outstanding Card Balance (₹) | 1,00,000 |
| Card Interest Rate (% per year) | 42 |
| Monthly Payment (₹) | 6,000 |
| Result | Value |
|---|---|
| Months to Clear the Card | 2y 5m |
| Total interest | ₹61,747 |
| GST on interest (18%) | ₹11,114 |
| Total paid | ₹1,72,861 |
| Monthly interest rate | 3.5% |
Tips for using the Credit Card Payoff Calculator
- Pay more than the minimum due — ideally the full statement balance.
- Consider converting the balance to EMI or a personal loan at a much lower rate.
- Clear the highest-rate card first if you have several.