How to cancel no cost emi on a merchant transaction but get the interest as discount?

[pavan000]

How to cancel no cost emi on a merchant transaction but get the interest as discount. For example, etailers give interest as discount upfront. How to retain that while cancelling the emi.

 

[CMGCMG is verified member.]

How to cancel no cost emi on a merchant transaction but get the interest as discount. For example, etailers give interest as discount upfront. How to retain that while cancelling the emi.

Usually, in the case of ICICI, you can call customer care and cancel the emi.

 

[Slayer]

Usually, in the case of ICICI, you can call customer care and cancel the emi.

Foreclosure charges are there upto 3%(+GST maybe)

 

[Batmanbaba]

Foreclosure charges are there upto 3%(+GST maybe)

With icici and axis.... No foreclosure charges.... If done within 15 days of transaction

 

[faraaz303]

What about hdfc?

 

[pavan000]

What about hdfc?

On cancellation, hdfc is recovering full amount along with no cost emi discount

 

[Batmanbaba]

On cancellation, hdfc is recovering full amount along with no cost emi discount

I did it last month.... But nothing as such happened...... Even gst and procesing fees was reversed..... The point is u have to do it within 15 days.... I have experience of axis, icici and hdfc... Nothing was charged...

 

[pavan000]

I did it last month.... But nothing as such happened...... Even gst and procesing fees was reversed..... The point is u have to do it within 15 days.... I have experience of axis, icici and hdfc... Nothing was charged...

Did you get the no cost emi discount after cancellation or did they recover full amount

 

[sjasani]

Used this method to cancel emi the next day and got interest as discount.

 

[Batmanbaba]

Did you get the no cost emi discount after cancellation or did they recover full amount

They only sought amount that was deduction from card.... The upfront discount( no cost emi ) given on flipkart was not deducted....

 

[faraaz303]

I did it last month.... But nothing as such happened...... Even gst and procesing fees was reversed..... The point is u have to do it within 15 days.... I have experience of axis, icici and hdfc... Nothing was charged...

I spoke to the CC now and they mentioned if it is a merchant emi, there are no charges, you only pay the principal and the pro rata interest plus gst on the interest.

 

[Farhad sekh]

With icici and axis.... No foreclosure charges.... If done within 15 days of transaction

Foreclosure charge for icici after 15 days???

 

[Batmanbaba]

Foreclosure charge for icici after 15 days???

I couldn't find any documents regarding it

 

[Batmanbaba]

I spoke to the CC now and they mentioned if it is a merchant emi, there are no charges, you only pay the principal and the pro rata interest plus gst on the interest.

If done within 15 days.... U only have to pay principal amount... Even processing charges and gst is reversed... I have done for axis, hdfc and icici in last 2 months...

 

[pavan000]

If done within 15 days.... U only have to pay principal amount... Even processing charges and gst is reversed... I have done for axis, hdfc and icici in last 2 months...

Was it on Amazon Flipkart?

 

[Batmanbaba]

Was it on Amazon Flipkart?

Yes.... I have done on both....

 

[hackymanoj]

I tried to cancel my merchant emi they are saying to pay only pay the principal and the pro rata interest plus gst on the interest. That's weird ICICI does reverse all the charges if it's within 15 days. But hdfc is charging the interest till the day of cancellation

 

[22sumit]

I tried to cancel my merchant emi they are saying to pay only pay the principal and the pro rata interest plus gst on the interest. That's weird ICICI does reverse all the charges if it's within 15 days. But hdfc is charging the interest till the day of cancellation

How much % did they charge for emi cancellation?

Batmanbaba What's the HDFC customer care number? Have to go through this tomorrow.​

 

[Rohit Jain]

How much % did they charge for emi cancellation?

Batmanbaba What's the HDFC customer care number? Have to go through this tomorrow.​

18602676161 / 18002026161

 

[Piyush_Jaiswal]

If done within 15 days.... U only have to pay principal amount... Even processing charges and gst is reversed... I have done for axis, hdfc and icici in last 2 months...

How did you cancel your EMI? By contacting CC or through mycards?

Will the charges be reversed if closed via mycards on the same day?