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Credit Card Payoff Calculator: Sri Lanka

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.

Sri Lanka: a capped rate and a 5% minimum

Sri Lanka is one of the few markets here where the regulator caps credit-card interest outright. The Central Bank of Sri Lanka sets a maximum rate on card balances, and the ceiling has sat around 28% in recent years. It is not a permanent number: the Central Bank reviews it and has moved it with policy rates, so check the current direction before trusting an older figure, and treat the 28% the calculator opens on as the recent norm rather than a fixed law.

Issuers typically require 5% of the balance a month, with the month's interest taken from within that payment and a flat floor of about Rs 1,000 on small balances. Against a capped rate the 5% works: at 28% a year the interest is a little over 2.3% a month, so most of the first payment still reaches the principal, which is why Sri Lankan minimum payments clear a card in years rather than the decades an American 1% minimum takes.

The cap applies to interest, not to the other charges on the account. Annual fees, late fees and cash-advance charges sit outside it and outside this calculator.

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

Sri Lankan consumer finance conventionsCentral Bank of Sri LankaWithin 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.