BOB No Cost Emi fraud

[Anupama_Jha]

Hi everyone, need urgent help !!!

I purchased a product from Flipkart worth ₹76,161 on 07th Aug on BOB card 12 months no cost EMI. So the actual price came to ₹66,096.

After 2 days, emi got converted with 235₹ processing fee. I promptly sent email on 10th Aug to bob card as usual for emi closure. But to my surprise they just slept. Yeah, they didn't sent any reply till 23rd Aug when they finally closed the emi, but since my statement date is 16th of every month, the statement got generated and 1st emi got posted with interest and gst.

And due to this, when they closed on 23rd, it caused extra 3% foreclosure fees and interest.

So, I again sent them email saying I already told you to close emi on 10th Aug, but you intentionally closed after statement generation, so refund the foreclosure fee and interest in 1st emi with gst which is ₹3,200 total.

But, they today sent email with rudely saying that any charges will not be reversed under any circumstances.

Pls help and guide me what to do.
My question is do the no cost emi trick stopped working with BOB Card also unlike SBI????

I have closed similar EMI in March 2024 itself without any charges.

Is there any changes after that?

 

[Anupama_Jha]

@SSV @Vasuki @Slayer @Dragon_slayer @bhavyegoel @vaibhav111 @BVC @chasni @HumorSimpson @Adith

 

[HumorSimpson]

@VISHESH_BANSAL @Abhishek012 @sidp

 

[vaibhav111vaibhav111 is verified member.]

i hope someone will help you cause I didn't opt for the trick before though so no clue how to tackle this issue.

 

[VISHESH_BANSAL]

Mobile App has option to foreclose EMI.

Also a single Call to customer Care will do the Job.

Last time when I enquired , BOB customer care told me they Can cancel the EMI but Processing charges and GST wouldn't be revesred.

Bank Policy keeps changing and you should connect over call for latest changes and should have Placed the request over the call itself.

E-Mail is not suitable option for placing every Request. Now You have to Unecessarily waste your further time if you want reversal of charges.

Enuire over call again to know if Cancellion of EMI is still available or not so that you can ask for reversal accordingly i.e, first EMI Interest and Corresponding GST if only Foreclosure is the available option.

 

[Anupama_Jha]

Mobile App has option to foreclose EMI.

Yeah, when got no response then raised from there also on 13th Aug.

Also a single Call to customer Care will do the Job.

Customer care itself told to email, now they are not closing over call.

Last time when I enquired , BOB customer care told me they Can cancel the EMI but Processing charges and GST wouldn't be revesred.

I am too comfortable with processing fee. But after this delay, it's charging extra ₹3200 without processing fee.

Bank Policy keeps changing and you should connect over call for latest changes and should have Placed the request over the call itself.

One executive told there had been recently changes, but we don't got any intimation of that. Also, why closed on 23rd when I already emailed on 10th aug. Also, from 13th aug, I was regularly calling them.

 

[BVCBVC is verified member.]

Unfortunately I don't have any idea on how to tackle this and I don't hold any Bank of Baroda cards. Some other tagged persons should help.

 

[VISHESH_BANSAL]

Yeah, when got no response then raised from there also on 13th Aug.

App se closure request place karne pe Service Request Number to generate hua hoga na ya phir any SMS when Request is placed via App?
if it is not closed even then, they are at fault.
I checked on Website. I found below PDF

It is clearly Mentioned only Foreclosure is the Option. So Irrespective of Cancellation Date you have to pay Foreclosure charges.

But yes you can save Interest and Corresponding GST included in First EMI. Raise complaint with RBI BO, they are bound to reverse First EMI Interest and GST.

 

[Anupama_Jha]

App se closure request place karne pe Service Request Number to generate hua hoga na ya phir any SMS when Request is placed via App?

Yupp, got an automated email with SR number.

if it is not closed even then, they are at fault.

I checked on Website. I found below PDF

It is clearly Mentioned only Foreclosure is the Option. So Irrespective of Cancellation Date you have to pay Foreclosure charges.

But yes you can save Interest and Corresponding GST included in First EMI. Raise complaint with RBI BO, they are bound to reverse First EMI Interest and GST.

Have closed similar emi in March, and after that if there were any changes made, they must have communicated which they don't.

I only received sms/email for devaluation on education and utilities in recent. No changes on emi part.

Also, when emi was active in app, it also had a link which showed charges. In that pdf, it was clearly mentioned that if emi gets cancelled before 1st emi deduction, only processing fee gets charged. Unfortunately, I didn't took screenshot. But same line is mentioned in last email from them in Mar 24

 

[Adith]

Thanks for the mention , but sadly don't have any solution for you in this matter since I haven't done this before . Hope you get all the help you need to resolve this !!

 

[ramirami]

I am inclined to say that's the risk you take when you buy on EMI with the intention on cancelling the EMI conversion. It may work sometimes and it may not work at others.

The bank has a complicated arrangement with the merchant and often pays money to the merchant to fund a part of the EMI discount. If customers keep cancelling EMI conversion after taking instant discount, the bank loses money / makes less money, so they are not incentivized to support this again and again.