No Cost EMI - Cancellation - All Banks - Master Wiki

[ramkumar_yramkumar_y is verified member.]

Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Feel free to modify or add additional bank details.

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1. ICICI​

• Process: After EMI conversion, request customer care to cancel the EMI. Immediate cancellation.
• Cancellation Window: Within 15 days.
• Charges: No charges; processing fee reversed.

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2. Axis​

• Process: Same as ICICI.
• Cancellation Window: Within 30 days.
• Charges: No charges; processing fee reversed.

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3. Bank of Baroda (BoB)​

• Process: After EMI conversion, email them at crm@bobfinancial.com.
• Charges: ₹199 + ₹35.
• Tip: Request cancellation as soon as the transaction is converted to EMI, as interest is charged on a daily basis.

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4. SBI​

• Process: Call customer care and request cancellation.
• Charges: Vary from ₹0 to ₹199 for processing fee + GST + 3.54% of the outstanding amount.
• Trick: Make the outstanding balance on your card ₹0 after the transaction and before EMI conversion. In this case, the transaction won't get converted to EMI.

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5. HDFC​

• Process: Log in to MyCards and request cancellation from there.
• Charges: Only ₹35 (processing fee of ₹199 is reversed).
• Tips:
  • Never make EMI transactions on HDFC credit cards if your billing date is within 7 days. If the first EMI is billed, the processing fee is not reversed.
  • After EMI cancellation, HDFC asks for the outstanding payment within 24 hours. However, if not done, there are usually no issues (self-tested).
• Note: HDFC is currently charging pre-closure fees for canceling NCEMI transactions before billing.

Might have exceptions for some users (as updated in TF).

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6. Kotak​

• Process: After EMI conversion, first pay the principal amount on the card, then call customer care for cancellation.
• Charges: All charges are reversed except the GST component if canceled within 15 days.
• Tip: Always select the longest EMI duration to minimize the GST component.

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[Tejo]

Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Fell free to modify or add additional bank details

1. ICICI
After EMI conversion, Request customer care to Cancel EMI. Immediate Cancellation.

Cancel within 15 days.

No charges, Processing fee reversed.

2. Axis
Same as ICICI

Cancel with in 30 days.

No charges, Processing fee reversed.

3. BoB
After EMI conversion, mail them at crm at bobfinancial dot com

Charges - 199 + 35

Tip - Request for Cancellation as soon as transaction converted to EMI as INTREST is charged on daily basis.

4. SBI
Call CC and request.

Charges vary from 0 to 199 for processing fee + GST + 3.54% of outstanding Amount.

Trick - Make outstanding balance in your card 0 after transaction and before EMI conversion, in this case Transaction won't get converted to EMI.

5. HDFC
Login to mycards request for Cancellation from there.

Charges - only 35 rs. ( processing fee of 199 is reversed )

Tip 1 - Never make EMI transaction on HDFC cc if your billing date is within 7 days coz if first EMI is billed, then processing fee is not Reversed.

Tip 2 - After EMI Cancellation, HDFC ask us to pay outstanding within 24 hours but if not done there is also no issues. ( self tested )

6. Kotak
After EMI conversion, first pay the Principal amount in Card, then call cc for Cancellation.

Charges - All charges Reversed Except GST component.

Tip - Always select Highest time Duration of EMI to make the GST component small.

Due to this .....

HDFC already started to charge pre-clossure charges of 3% against the merchant ncemi offer transactions. (Threads have beeb on this in TF)

Even, in my cards, same was updated.

So might all banks may take care of this.

 

[ashut0shs0ni]

i have tata neu hdfc cc I want to switch to amex since it offer better. I only used tata neu for a month now. by next month i will hit 1 lakh mark then if I cancel my credit card will it be for free or is there any cancellation charges for that too?

 

[Rishu3007]

what about idgc first cc

 

[vish1007]

Can anyone tell about YES BANK no cost emi cancellation ?

 

[Sudbht]

Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Feel free to modify or add additional bank details.

1. ICICI
After EMI conversion, Request customer care to Cancel EMI. Immediate Cancellation.

Cancel within 15 days.

No charges, Processing fee reversed.

2. Axis
Same as ICICI

Cancel with in 30 days.

No charges, Processing fee reversed.

3. BoB
After EMI conversion, mail them at crm at bobfinancial dot com

Charges - 199 + 35

Tip - Request for Cancellation as soon as transaction converted to EMI as INTREST is charged on daily basis.

4. SBI
Call CC and request.

Charges vary from 0 to 199 for processing fee + GST + 3.54% of outstanding Amount.

Trick - Make outstanding balance in your card 0 after transaction and before EMI conversion, in this case Transaction won't get converted to EMI.

5. HDFC
Login to mycards request for Cancellation from there.

Charges - only 35 rs. ( processing fee of 199 is reversed )

Tip 1 - Never make EMI transaction on HDFC cc if your billing date is within 7 days coz if first EMI is billed, then processing fee is not Reversed.

Tip 2 - After EMI Cancellation, HDFC ask us to pay outstanding within 24 hours but if not done there is also no issues. ( self tested )

HDFC, currently charging pre-clossure charges for canceling NCEMI transactions, before billing only.

But several users updated about this, in TF

*Might few people have exceptions.

6. Kotak
After EMI conversion, first pay the Principal amount in Card, then call cc for Cancellation.

Charges - All charges Reversed Except GST component.

Tip - Always select Highest time Duration of EMI to make the GST component small.

Hi, I wanted to ask you about sbi no cost emi. I availed no cost emi couple days back and made my cc bill 0. I wanted use the sbi no cost offer again with my add on card. Shall i initiate the transaction and pay it immediately? Or i need to wait till earlier one get canceled?

 

[Rishu3007]

Whenever you convert a purchase into EMI, the amount gets blocked from your credit card limit. For example, if your limit is ₹50,000 and you purchase an iPhone worth ₹48,000, that amount is blocked for six months. Even if you pay your bill, it doesn't mean the EMI is closed. You won't be able to make further transactions beyond the remaining limit.

 

[Sudbht]

Whenever you convert a purchase into EMI, the amount gets blocked from your credit card limit. For example, if your limit is ₹50,000 and you purchase an iPhone worth ₹48,000, that amount is blocked for six months. Even if you pay your bill, it doesn't mean the EMI is closed. You won't be able to make further transactions beyond the remaining limit.

got it but if you have the further limit you will be able do it till EMI cancels right? Also if you repay it does shows full amount is available for utilization.

 

[Phonix_YT]

Is SBI trick still working?

 

[realjayt]

Is SBI trick still working?

Wanting to know the same

 

[Rishu3007]

i ordered a refrigerator on ncemi ,hoping to cancel it later with sbi but they bluntly denied stating we only cancel emi in case of merchant side cancellation and even worst was idfc first they are bigger cheaters😂 they said ncemi cant be cancelled no matter merchant cancellation after conversion you have to either foreclose it or pay it

 

[realjayt]

i ordered a refrigerator on ncemi ,hoping to cancel it later with sbi but they bluntly denied stating we only cancel emi in case of merchant side cancellation and even worst was idfc first they are bigger cheaters😂 they said ncemi cant be cancelled no matter merchant cancellation after conversion you have to either foreclose it or pay it

When was this?

 

[Rishu3007]

When was this?

i gues in August 24

 

[realjayt]

i gues in August 24

Did you keep your outstanding zero?

 

[Rishu3007]

Did you keep your outstanding zero?

i always pay my bills timely i understand you have several questions but it was a normal idfc select card which is used occasionally whenever offer comes,i asked multiple times to the bank but all the time i had got same reply ,then i foreclosed the emi and in sbi case it was sam

 

[MVC]

I Bought Iphone 16 Pro from apple website using axis ace cc and opted for ncemi for 6 months and amount was deducted how can I convert my transaction from emi to one time and how to cancel it for free what all charges will it cost

 

[dweapons]

Hi

recently i visited reliance digital and croma to buy s24 ultra 256 gb.

there is brand offer with hdfc credit card 24 month no cost emi.

they offer final price is 101994

so i swiped my card with 24 month no cost emi but instead of loan amount ( full amount - interest discount )= 87648 they deduct full amount 101994

so my question is like online will i not get interest as instant discount in offline stores pinelab machine?

so how can i use no cost Emi trick in offline store if they deduct full amount?

anyone tried no cost emi trick in pinelab swipe machine?

they are not giving interest as discount during swipe.

please check ref screenshot.

View attachment 70787

 

[MVC]

Hi

recently i visited reliance digital and croma to buy s24 ultra 256 gb.

there is brand offer with hdfc credit card 24 month no cost emi.

they offer final price is 101994

so i swiped my card with 24 month no cost emi but instead of loan amount ( full amount - interest discount )= 87648 they deduct full amount 101994

so my question is like online will i not get interest as instant discount in offline stores pinelab machine?

so how can i use no cost Emi trick in offline store if they deduct full amount?

anyone tried no cost emi trick in pinelab swipe machine?

they are not giving interest as discount during swipe.

please check ref screenshot.

View attachment 70787

HDFC is not allowing you to cancel EMI later at free of cost they will ask for 3% charges and processing fees and also will not give you emi discount

 

[dweapons]

HDFC is not allowing you to cancel EMI later at free of cost they will ask for 3% charges and processing fees and also will not give you emi discount

HDFC ne kab se bandh kar diya no cost emi cancellation?

 

[MVC]

From past 1 month i guess