Compares the total cost of converting a big purchase into a credit card EMI (which usually includes a processing fee, on top of interest) versus a personal loan for the same amount.
Converting a purchase into a credit card EMI often comes with a processing fee plus an interest rate that can be higher than it first appears — some card issuers quote a 'flat rate' that translates to a much higher effective annual rate once calculated on a reducing balance. A personal loan, by contrast, usually has more transparent, clearly-stated reducing-balance interest, though it may involve more paperwork to set up.
This calculator adds up principal + total interest + processing fee for both options over the same tenure, so you can see the genuine total cost side by side rather than just comparing headline interest rates.
Some card issuers advertise a 'flat interest rate' which sounds lower than it actually is — a flat rate is calculated on the full original amount for the whole tenure, which works out to a much higher effective annual rate than the same number would mean under standard reducing-balance interest.
Both show up on your credit report and affect your score similarly if managed well or poorly. A personal loan is a fresh line of credit (a hard inquiry when applied for), while converting an existing card purchase to EMI usually doesn't involve a fresh credit check.
Often yes, if there's no pre-closure penalty, since it stops future interest accrual — but check your card's specific pre-closure terms, as some card issuers do charge a fee for early EMI closure.