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Help with EMI on ICICI Credit card

  • Thread starter Thread starter HVS
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HVS

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Hi Guys,

I'm trying to buy an TV offline of around 1 lakh and the merchant is giving "low cost" EMI facility and gives 6000 discount but if I increase the tenure then the total cost is getting increased. I can pay full amount but the discount is only 3000 for full swipe. So can I chose EMI option and later cancel the EMI calling customer care will I receive the upfront discount of 6000 or will they charge the amount in total bill. Also, the low cost upfront interest discount will be given or it'll also be charged?

This is my first time buying something on EMI so need help of you guys. I tried to find the answers using search but couldn't find solutions for this query. Any help will be appreciated.
 
I think some products in amazon are also demanding a down payment for no cost emis.
It was eventually going to happen.
As we discuss such tricks and tips, people from the banks are getting all the inputs to plug their leaks and they are paying well to people who report such tricks and tips.

Anyways now everyone should be careful with the emi cancellation tricks
What's the situation with ICICI as of now? Have they started following that down payment method? Asking as I may have to do a transaction on Imagine online store with ICICI and I am planning to try that EMI cancellation trick.
 
Still Working with ICICI, ordered from JioMart, today got converted to EMI, cancelled just now by calling customer care and all charges reversed.
Thanks a lot for confirming. Two things -
  1. Here 'EMI PRINCIPAL' is the total value of the product and 'Principal Amount Amortization' is the EMI amount? As I have never purchased anything on EMI, please let me know these. After EMI cancellation the total price gets debited (afaik), then why the EMI amount is debited separately?
  2. How does the instant cashback on EMI work?
 
Thanks a lot for confirming. Two things -
  1. Here 'EMI PRINCIPAL' is the total value of the product and 'Principal Amount Amortization' is the EMI amount? As I have never purchased anything on EMI, please let me know these. After EMI cancellation the total price gets debited (afaik), then why the EMI amount is debited separately?
Do not look into the Entries.
Different Bank may have different way to shown it.

If EMI got cancelled You Just need to Pay Txn Amount which is mention in Orignal Debit SMS Alert + Processing Fee and Associated GST if not reversed by Respective Bank
  1. How does the instant cashback on EMI work?
It will be deducted Upfront before you authorise the Txn , You will can see the net Amount charged to you on POS screen before entering PIN or On OTP page in case of Online Txn.
 
Do not look into the Entries.
Different Bank may have different way to shown it.

If EMI got cancelled You Just need to Pay Txn Amount which is mention in Orignal Debit SMS Alert + Processing Fee and Associated GST if not reversed by Respective Bank

It will be deducted Upfront before you authorise the Txn , You will can see the net Amount charged to you on POS screen before entering PIN or On OTP page in case of Online Txn.
Thanks, man, you cleared my doubt. In my case, it would be ICICI. Hope to get all the charges + GST back.
 
Do not look into the Entries.
Different Bank may have different way to shown it.

If EMI got cancelled You Just need to Pay Txn Amount which is mention in Orignal Debit SMS Alert + Processing Fee and Associated GST if not reversed by Respective Bank

It will be deducted Upfront before you authorise the Txn , You will can see the net Amount charged to you on POS screen before entering PIN or On OTP page in case of Online Txn.
There will be no difference between 'EMI' and 'No-cost EMI' if I cancel the EMI within the 15 days in case of ICICI, right?
 
What are you trying to ask ?
I meant on the website there is a normal EMI and a no-cost EMI option. But the normal EMI is giving a bit more discount. So, if I choose the normal EMI option and then cancel it, would that be a problem? In this case it really doesn't matter if I choose normal EMI or no-cost EMI, does it?
 
I meant on the website there is a normal EMI and a no-cost EMI option. But the normal EMI is giving a bit more discount. So, if I choose the normal EMI option and then cancel it, would that be a problem? In this case it really doesn't matter if I choose normal EMI or no-cost EMI, does it?
See Bank is responsible to convert Txn Amount into EMI.

What options you select at Merchant site is irrevalant for Bank except tenure of EMI. Bank will Convert the Amount you Authorise into EMI of tenure selected at Merchant site.

After EMI Entries are reflected, Call Immediately and Cancel it
 
See Bank is responsible to convert Txn Amount into EMI.

What options you select at Merchant site is irrevalant for Bank except tenure if EMI. Bank will Convert the Amount you Authorise into EMI of tenure selected at Merchant site.

After EMI Entries are reflected, Call Immediately and Cancel it
Got it, thanks man.
 
See Bank is responsible to convert Txn Amount into EMI.

What options you select at Merchant site is irrevalant for Bank except tenure of EMI. Bank will Convert the Amount you Authorise into EMI of tenure selected at Merchant site.

After EMI Entries are reflected, Call Immediately and Cancel it
One more thing, I have seen on Flipkart that instant discount on full swipe or EMI doesn't work for Amazon Pay ICICI card. What about other merchants if nothing is specifically written about APay card in the offer terms & condition section?
 
One more thing, I have seen on Flipkart that instant discount on full swipe or EMI doesn't work for Amazon Pay ICICI card. What about other merchants if nothing is specifically written about APay card in the offer terms & condition section?
Try once ... May be it would work.. no one can confirm without trying...
 
Simple hai Payment Page pe verify karo
Try once ... May be it would work.. no one can confirm without trying...
Yeah, I tried and it worked. Now bear with me again a bit. If I cancel the EMI and then request ICICI for 1% cashback that APay card offers, whill they agree? Can such things happen? And same question regarding the reward points for other ICICI cards.
 
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