Credit cards (revolving)
Interest accrues daily: balance × annual rate × days ÷ 365, with 18% GST applied on the interest charged. Minimum due follows the common Indian rule of 5% of the outstanding balance, subject to a floor of ₹200.
Term loans and EMIs
Remaining interest uses the actuarial identity: EMI × remaining tenure − outstanding principal. Reducing-balance interest is applied month by month in the payoff schedule.
Payoff strategies
Avalanche targets the highest interest rate first and snowball the smallest balance. Hybrid ranks each debt with a fixed, deterministic score: 70% of the weight comes from the interest rate relative to your highest rate, and 30% from how small the balance is relative to your largest one. Extra payments cascade to the next debt once one is cleared.
Disclaimer
Figures are estimates for planning only. Lenders may apply different billing cycles, compounding conventions, processing fees or prepayment charges. Your statement is always the source of truth.