See how much interest Indian credit cards charge at 3.5%/month (42% p.a. + 18% GST on interest) when paying only the 5% Minimum Due vs a fixed monthly payment.
| Repayment Strategy | Effective Annual Rate | Time to Clear | Total Interest + GST | Total Paid |
|---|---|---|---|---|
| 5% Minimum Due Only | 42% p.a. + 18% GST (~49.5%) | 168+ Months | ₹2,14,000+ | ₹3,14,000+ |
| ₹10,000/mo Fixed Payment | 42% p.a. + 18% GST | 14 Months | ₹31,840 | ₹1,31,840 |
| 12-Month Personal Loan / Card EMI | 14% p.a. + 18% GST | 12 Months | ₹9,120 | ₹1,09,120 |
No! Once any balance is revolved past the due date, the interest-free period is revoked on all new swipes from day one, and 18% GST is levied on all interest charges.