See exactly how much a carried-forward balance will cost you in interest — and how much faster (and cheaper) it is to pay it off with a higher monthly payment instead of just the minimum due.
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FAAYDA.COM
INTEREST CALCULATOR
ASHOK KUMAR
BALANCE PROJECTION
Minimum payments only
4.5 years · ₹38,200 interest
₹5,000/month fixed
11 months · ₹6,400 interest
POTENTIAL SAVING
₹31,800
Typical range is 3–3.75% per month. Check your statement for your card's exact rate.
If you only pay the minimum due
Time to clear balance—
Total interest paid—
At this payment level, based on the rate entered, your balance will keep growing and may never clear. Even a modest increase in your monthly payment makes a big difference — try the comparison below.
Why carrying a balance costs more than it looks like
Credit card finance charges (APR) are calculated on your full outstanding balance, compounding every month — not a one-time fee. Paying only the minimum amount due keeps your account in good standing, but it can take years to actually clear a balance this way, and the total interest paid often ends up higher than the original amount you borrowed.
If you pay your full statement balance every cycle, you get the full grace period and pay no interest at all — this calculator is really about what happens once that grace period is lost. It's also worth keeping an eye on your credit utilisation while paying down a balance, since a high utilisation ratio affects your credit score independently of the interest cost.
If your card's interest rate is on the higher end, a balance transfer to a card offering a lower promotional rate is one option worth exploring for a large balance — though it usually comes with a one-time processing fee, so it's worth running the numbers both ways.
While you're paying this down
Is your current card even the right fit?
If you're carrying a balance, it's worth making sure the card itself is still working for you. Upload your statement and our recommendation engine will show you how your current card's rewards stack up — and whether a better-fit card exists for your spending pattern.
Rates are fairly uniform across Indian issuers, typically 3–3.75% per month regardless of the card's fee tier. Check your card's most recent statement for the exact rate applied to you.
This calculator assumes the minimum due is roughly 5% of your outstanding balance, subject to a small floor amount — a common approximation. Your actual bank's formula may differ slightly, so treat the result as a close estimate rather than an exact figure.
Paying down your balance faster generally helps your credit score, since it lowers your credit utilisation ratio — one of the more heavily weighted factors credit bureaus consider.
It uses standard revolving-credit interest math and your entered rate, so it is a close approximation — but individual banks may apply small variations in rounding, fee timing, or minimum-due formulas. Always cross-check against your actual statement.