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Credit Card Payoff Calculator: India

See how long a credit card takes to pay off at your APR, the interest it costs, what minimums really cost, and the payment to be debt-free by a date.

Reviewed by CentExactRates effective 1 sourceCalculated in your browser. Shared links include inputs.

India: a 5% minimum against the highest card rates here

Indian issuers typically require 5% of the balance a month, one of the highest minimum percentages of any market this calculator covers, with the month's interest taken from within it and a flat floor of about ₹200.

A 5% minimum only looks generous until it meets the rate. Card interest in India is quoted per month rather than per year, and 3.5% a month is a common headline, which the issuer annualises to about 42% and which, compounded month on month, costs more than that again. On a card at that rate, a 5% minimum leaves about 1.5% of the balance going to principal, so the debt falls more slowly than a British card clearing 1% of principal on top of its interest. Comparing minimum percentages across countries without the rate attached is how people talk themselves into revolving a balance here.

The Reserve Bank of India sets no ceiling on card interest. Its credit and debit card directions govern billing, disclosure and the treatment of unpaid amounts, but the rate itself is the issuer's, which is why the practical upper bound in the calculator is around 48% rather than a statutory figure.

For how the calculation works, the formula behind it and what it leaves out, see the full guide. For help interpreting a result or comparing it with a quote or statement, read the questions and answers.

Data sources

Indian consumer finance conventionsReserve Bank of IndiaWithin its effective period

Every document each dataset was read from, its notes and how the figures were checked are listed in the guide's data sources.

This calculator in other countries

Each country has its own rates, thresholds and rules, and its own page that runs the calculator on them and cites the official sources they came from.

CentExactCalculator publisher

CentExact publishes the calculation method, worked examples and available data sources. Automated checks cover reference calculations; they do not certify a result for your circumstances or imply approval by a lender or tax authority.

How we build and test our calculators

This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.