HDFC EMI Closure and Flipkart

[Tosh]

I purchased a laptop (yet to be delivered) from Flipkart using HDFC credit card (no cost EMI) would need some words of wisdom here

Now my concern is that the same laptop is listed on Amazon for 167k while Flipkart listing was 130k. I doubt it was fake because Predator website redirect me to the Flipkart page.

After I bought the device it's price update to 135k the very next hour

I got the laptop for effectively ~117k Coming to EMI the principal was 109k and interest some 8k odd rupees I am planning to cancel the EMI and pay full but it being the first day today I am being asked to pay some pro-rata based interest amount of approx ~1.2k which seems weird to me as that is more than the total amount an entire month should have as it was a 9 month plan.

Payment was done on Thursday 7pm and I see today there are foreclosure charges of approx 3k which shouldn't be there as it's not been 3 days yet since transaction

So can anyone help with explanation of
1. Pro rata interst
2. Foreclosure charges
3. What should be checked while delivery

 

[Tejo]

You need to close EMI transaction before billing i.e

statement generation.

If EMI txn billed, then you were liable to pay ...

1. Pro rata interest - The interest occured for passed down period.
For example, EMI interest billed every month be 1st, so if you are closing on 5th then interest will be calculated for this 5 days.

2. Foreclossure - Charges levied by bank due to end of agreement for the credit line by the consumer.

* GST is also chargeable on both.

Laptop checking - Laptop price* for the features and quality as per market.

Note: All the components of the laptop are not manufactured by Laptop brand

Laptop delivery checking - check serial number is same or not in invoice, package and on Laptop and verify it in laptop brand website.

Laptop duplicate or genuine - disassemble every part of Laptop and verify it, parts too have description and serial numbers.

Note: Information is best of my knowledge only.

 

[BVCBVC is verified member.]

You need to close EMI transaction before billing i.e

statement generation.

If EMI txn billed, then you were liable to pay ...

1. Pro rata interest - The interest occured for passed down period.
For example, EMI interest billed every month be 1st, so if you are closing on 5th then interest will be calculated for this 5 days.

2. Foreclossure - Charges levied by bank due to end of agreement for the credit line by the consumer.

* GST is also chargeable on both.

Laptop checking - Laptop price* for the features and quality as per market.

Note: All the components of the laptop are not manufactured by Laptop brand

Laptop delivery checking - check serial number is same or not in invoice, package and on Laptop and verify it in laptop brand website.

Laptop duplicate or genuine - disassemble every part of Laptop and verify it, parts too have description and serial numbers.

Note: Information is best of my knowledge only.

Good detailed explanation.

 

[Aniket]

You ..

1. Pro rata interest - The interest occured for passed down period.
For example, EMI interest billed every month be 1st, so if you are closing on 5th then interest will be calculated for this 5 days.

2. Foreclossure - Charges levied by bank due to end of agreement for the credit line by the consumer.

* GST is also chargeable on both.

Laptop checking - Laptop price* for the features and quality as per market.

Note: All the components of the laptop are not manufactured by Laptop brand

Laptop delivery checking - check serial number is same or not in invoice, package and on Laptop and verify it in laptop brand website.

Laptop duplicate or genuine - disassemble every part of Laptop and verify it, parts too have description and serial numbers.

Note: Information is best of my knowledge only.

@Tejo So, you meant in other words, if one is able to close EMI transaction before billing, i.e, before statement generation.

Then, he is exempted to pay Pro rata interest & Foreclosure charges & 18% GST ?

 

[Tejo]

@Tejo So, you meant in other words, if one is able to close EMI transaction before billing, i.e, before statement generation.

Then, he is exempted to pay Pro rata interest & Foreclosure charges & 18% GST ?

Not I mean of exception

But previously before billing date, we can able to cancel emi txn. Only processing fee is charged but that too will be reversed.

Might the trick (NCEMI) is patched, else issue in mycards as it was was recently redesigned.

Once the person need to contact customer care and confirm about the charges for cancelling ... @Tosh

 

[Aniket]

Not I mean of exception

But previously before billing date, we can able to cancel emi txn. Only processing fee is charged but that too will be reversed.

Might the trick (NCEMI) is patched, else issue in mycards as it was was recently redesigned.

Once the person need to contact customer care and confirm about the charges for cancelling ... @Tosh

Are you talking about this one? It also says the same but if cancelled within 4 days (txn needs min 4 working days to get converted into EMI), convenience fees will not be reversed?

Though, processing fees of ₹199 was getting reversed except GST of ₹35.82, right?


When you did you avail this feature, last time?

 

[Tejo]

I purchased a laptop (yet to be delivered) from Flipkart using HDFC credit card (no cost EMI) would need some words of wisdom here

Now my concern is that the same laptop is listed on Amazon for 167k while Flipkart listing was 130k. I doubt it was fake because Predator website redirect me to the Flipkart page.

After I bought the device it's price update to 135k the very next hour

I got the laptop for effectively ~117k Coming to EMI the principal was 109k and interest some 8k odd rupees I am planning to cancel the EMI and pay full but it being the first day today I am being asked to pay some pro-rata based interest amount of approx ~1.2k which seems weird to me as that is more than the total amount an entire month should have as it was a 9 month plan.

Payment was done on Thursday 7pm and I see today there are foreclosure charges of approx 3k which shouldn't be there as it's not been 3 days yet since transaction

So can anyone help with explanation of
1. Pro rata interst
2. Foreclosure charges
3. What should be checked while delivery

Update:

Due to technical issue at mycards, after redesign of website. (Might be wanted thing too)

People are seeing .... Foreclossure charges, pro rata interest charges .... even before billing date.

Call HDFC, ask them to cancel emi txn. Before cancelling confirm about charges.

Note:
• No cost EMI transaction, should cancelled just after settlement/processed .... don't take it to before billing date wording, bank might deny and would charge pro rata interest.

@#aniket
• Maximum - convinience fee I.e processing fee will be reversed, leaving gst. If it was not reversed, call/mail and request to reversal that charge.

 

[Aniket]

Update:

Due to technical issue at mycards, after redesign of website. (Might be wanted thing too)

People are seeing .... Foreclossure charges, pro rata interest charges .... even before billing date.

Call HDFC, ask them to cancel emi txn. Before cancelling confirm about charges.

Note:
• No cost EMI transaction, should cancelled just after settlement/processed .... don't take it to before billing date wording, bank might deny and would charge pro rata interest.

@#aniket
• Maximum - convinience fee I.e processing fee will be reversed, leaving gst. If it was not reversed, call/mail and request to reversal that charge.

Bro I am not asking for myself, I am just confirming info.

Thanks 😄

 

[Tejo]

I purchased a laptop (yet to be delivered) from Flipkart using HDFC credit card (no cost EMI) would need some words of wisdom here

Now my concern is that the same laptop is listed on Amazon for 167k while Flipkart listing was 130k. I doubt it was fake because Predator website redirect me to the Flipkart page.

After I bought the device it's price update to 135k the very next hour

I got the laptop for effectively ~117k Coming to EMI the principal was 109k and interest some 8k odd rupees I am planning to cancel the EMI and pay full but it being the first day today I am being asked to pay some pro-rata based interest amount of approx ~1.2k which seems weird to me as that is more than the total amount an entire month should have as it was a 9 month plan.

Payment was done on Thursday 7pm and I see today there are foreclosure charges of approx 3k which shouldn't be there as it's not been 3 days yet since transaction

So can anyone help with explanation of
1. Pro rata interst
2. Foreclosure charges
3. What should be checked while delivery

As several people are cancelling Merchant EMI transactions.

HopelessDFC started to charge pre-clossure charges .... as per recent information from hdfc customer support.

• If any cancelled and got reversal of foreclosure charges by any mean. Info me

• Please do not try cancellation tricks, be aware of foreclosure charges & card block.

@Tosh

 

[rakhi]

As several people are cancelling Merchant EMI transactions.

HopelessDFC started to charge pre-clossure charges .... as per recent information from hdfc customer support.

• If any cancelled and got reversal of foreclosure charges by any mean. Info me

• Please do not try cancellation tricks, be aware of foreclosure charges & card block.

@Tosh

Means hdfc emi trick is not working right?

 

[Tejo]

Means hdfc emi trick is not working right?

Seems not working .....

 

[tomar]

You need to close EMI transaction before billing i.e

statement generation.

If EMI txn billed, then you were liable to pay ...

1. Pro rata interest - The interest occured for passed down period.
For example, EMI interest billed every month be 1st, so if you are closing on 5th then interest will be calculated for this 5 days.

2. Foreclossure - Charges levied by bank due to end of agreement for the credit line by the consumer.

* GST is also chargeable on both.

Laptop checking - Laptop price* for the features and quality as per market.

Note: All the components of the laptop are not manufactured by Laptop brand

Laptop delivery checking - check serial number is same or not in invoice, package and on Laptop and verify it in laptop brand website.

Laptop duplicate or genuine - disassemble every part of Laptop and verify it, parts too have description and serial numbers.

Note: Information is best of my knowledge only.

I canceled my emi via call two days ago. They told me it would take four days, but I still haven't received a cancellation email or seen any updates on my card transactions. My bill statement will generate tomorrow. Can you pls tell what might happen in this situation?

 

[Tosh]

Okay just to update here.

There are two types of EMIs this one particularly was provided by merchant (flipkart) and not bank and hence bank was unable to 'cancel' the EMI from their end resulting in all the charges (interest, foreclosure etc) the charges were all levied in my case as bank pre-closed the EMI and not cancelled it, but it still ended up better than buying it via full payment.

The second type of EMIs are the ones provided by bank. Converting huge transaction into EMI through banking app (usually available in statement section) these are the ones bank can cancel without any charges but then these do not come with additional benefits like extra discounts etc. So all in all the trick is not as potent as it used to be

 

[knight]

Has anybody tried canceling a regular merchant EMI ( NOT No-cost EMI ) recently with HDFC?
I was checking out a phone worth 17k
There's a 2000 instant discount on HDFC CC EMI.

Also, there will be 1300 interest and 299 processing fee. If the EMI is continued.

Buying it only makes sense if i get 1800-2000 discount effectively after canceling EMi.
Does the trick work in a NON- NCEMI scenario? Are there any charges? (any confirmation whether they're charging foreclosure)?

Also, is it better to cancel EMI from mycards or by calling customer care?

 

[KLB@96]

Update:

Due to technical issue at mycards, after redesign of website. (Might be wanted thing too)

People are seeing .... Foreclossure charges, pro rata interest charges .... even before billing date.

Call HDFC, ask them to cancel emi txn. Before cancelling confirm about charges.

Note:
• No cost EMI transaction, should cancelled just after settlement/processed .... don't take it to before billing date wording, bank might deny and would charge pro rata interest.

@#aniket
• Maximum - convinience fee I.e processing fee will be reversed, leaving gst. If it was not reversed, call/mail and request to reversal that charge.

Am planning to buy an item and i see discount on EMI transaction. Shall I place order get discount and immediately cancel EMI ?

 

[Tejo]

Am planning to buy an item and i see discount on EMI transaction. Shall I place order get discount and immediately cancel EMI ?

place order before billing date + somepeople getting emi preclossure charges 3% before billing mostly who frequently cancels merchant emi.

try to avoid hdfc for emi cancellation.

you can cancel only when the transaction is settled between the bank and pa

 

[friends2b11]

Yesterday I made a purchase using a HDFC pixel credit card on Flipkart. The product is on the way. but today it has been converted to EMI. Now if I cancel the order from Flipkart, then what will happen?



..

Two days ago, I purchased another product from Flipkart. Today the transaction has been converted to EMI. I got the product also.Today I pre-closed the EMI from the Payzaap app. I have been charged a 3% pre-closure fee. Has HDFC started charging a 3% pre-closure fee?

Is there any trick so that the EMI conversion will not happen? Hdfc

 

[Robin Thakral]

I have been using this trick to save some extra for quite a while.
Till last year, I have used it a couple of times on HDFC CC but later on, I started ICICI CC for every such transaction with confidence.

1. HDFC CC was not reversing 199+GST i.e 235 INR for sure.. Plus they want the 1st installment value interest as per 2.5-3% as that would be their loss to be recovered. Hence overall for 30k-60k transactions, you will pay around 1-2 % of your transaction amount in these charges but a major loss would be of the reward points, which you are generally supposed to get for the non-emi transaction on the card.
   • but now I'm hearing various comments with people saying they reverse the same amount except GST on both charges shared above.. So that would be a good thing.
   • as well as they want to you to pay whole due amount on card within 36-72 hours of receiving the settlement mail. That means your 48 day window would be lost, when you call for such a request on all the transaction made in the settlement month.
2. ICICI CC is a champion in this thing, I got to know about it when I used a friend's credit card for a lucrative deal for NO-COST EMI and 3rd day the bank charged no extra rupee. I was glad when I heard about it... I applied for ICICI CC at that moment only and then asked customer support about it many times for assurance and post that I have used it now every moment I go to buy a good range products with no-cost EMI.
3. I have reached AXIS & SBI team for the same, but they did told me no processing fees would be reversed 3% interest on 1st installment as well as some fore-closure fees as well. So, it sounded like some penalities. So, I avoided trying on them so far.

 

[PayKaroAbhi]

Yesterday I made a purchase using a HDFC pixel credit card on Flipkart. The product is on the way. but today it has been converted to EMI. Now if I cancel the order from Flipkart, then what will happen?



..

Two days ago, I purchased another product from Flipkart. Today the transaction has been converted to EMI. I got the product also.Today I pre-closed the EMI from the Payzaap app. I have been charged a 3% pre-closure fee. Has HDFC started charging a 3% pre-closure fee?

Is there any trick so that the EMI conversion will not happen? Hdfc

Were you able to cancel the EMI if the complete amount got refunded?

 

[npraghatate]

My transaction is converted into EMI.
Now I want to close it, but it is not reflecting on my cards website.
Currently I am out of country thus not able to call Customer care.
Any other option to close this EMI ?