GST is not applicable on your EMI payments. Before the introduction of GST, service taxes were levied on loans. The rate of service taxes were 15%, whereas the rate of GST is 18%. People might think that the EMI costs will be affected because the rate of GSTs increased by 3%. But GST is not levied on EMIs of the loan or on the payment of interest on the loan. It is levied only on the processing charges and other charges that your lender charges you..
Some people might even think that their EMIs will go up due to GST. For example, assume your lender charges a processing fee of 1% on your personal loan amount. Your loan amount is Rs. 9 lakhs, therefore you would have to pay Rs. 9000 as processing fee. On this amount, when 18% of GST is charged, you would have to pay Rs. 1,620 additionally.