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Can someone please Explain the no cost emi

keerthirahul123

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Friends

I’m planning to buy Samsung Neo Qled QN90c for my parents bedroom. I see that Amazon is offering me 5k discount coupon. I checked the no cost emi and I see that icici apay has no cost emi for 18 months.

So I read somewhere that we can call icici and cancel the emi before the emi is posted onto the CC and close the loan and still avail the discount.

So the calculation is
1,09,490
5000 - discount
12,710 - no cost emi discount

So the final costing would be 91,780 and ofcourse the 199 processing fees and may be the emi cancellation penalty ?

Is my understanding correct ?


IMG_5486.webp
 
No cost EMI means the interest that is going to be charged by the bank is given as discount upfront.

Additional charges you have to bear:
  1. A processing fee may be charged by the bank. Amount differs from bank to bank.
  2. GST on interest charged.
  3. No RP.
You may get an option to cancel the EMI free of cost. Most bank offers this facility within the first 7 days of EMI conversion. Call your bank immediately when you see the amount has been converted to EMI and confirm if EMI can be cancelled free of cost. If it is allowed, you will save the entire discount that was given for No Cost EMI. Not sure if the processing fee is reversed or not. But in this case also you will not get any RP. So do your calculations and take your decision.

Coming to the second point, nobody generally gives 18 months no cost EMI. Max 6 months is generally offered (there may be exceptions sometimes, like in this case). In the screenshot you have given there is no offer for No Cost EMI. When it is No Cost, interest will not be shown, instead No Cost will be written in place of interest, like in the below screenshot.

1726806866952.webp
 
Last edited:
No cost EMI means the interest that is going to be charged by the bank is given as discount upfront.

Additional charges you have to bear:
  1. A processing fee may be charged by the bank. Amount differs from bank to bank.
  2. GST on interest charged.
  3. No RP.
You may get an option to cancel the EMI free of cost. Most bank offers this facility within the first 7 days of EMI conversion. Call your bank immediately when you see the amount has been converted to EMI and confirm if EMI can be cancelled free of cost. If it is allowed, you will save the entire discount that was given for No Cost EMI. Not sure if the processing fee is reversed or not. But in this case also you will not get any RP. So do your calculations and take your decision.

Coming to the second point, nobody generally gives 18 months no cost EMI. Max 6 months is generally offered (there may be exceptions sometimes, like in this case). In the screenshot you have given there is no offer for No Cost EMI. When it is No Cost, interest will not be shown, instead No Cost will be written in place of interest, like in the below screenshot.

View attachment 69443
Got it. Thank you
 
True. In case of HDFC they also reverse processing fees(199) excluding GST.
just to confirm, I'll have to only pay some 40rs extra GST if I buy via no-cost emi and immediately close the emi within 7 days? I need to buy a TV but discounts are only there with EMIs
 
I understand that there is no RP on emis but are these purchases atleast counted towards milestones?
 
Friends

I’m planning to buy Samsung Neo Qled QN90c for my parents bedroom. I see that Amazon is offering me 5k discount coupon. I checked the no cost emi and I see that icici apay has no cost emi for 18 months.

So I read somewhere that we can call icici and cancel the emi before the emi is posted onto the CC and close the loan and still avail the discount.

So the calculation is
1,09,490
5000 - discount
12,710 - no cost emi discount

So the final costing would be 91,780 and ofcourse the 199 processing fees and may be the emi cancellation penalty ?

Is my understanding correct ?


View attachment 69441
Processing will be reversed, but sometimes the gst component on processing and first emi interest is charged, but it isn't considerable so it's good discount.
 
I have another deal for this tv-model but it would cost around 1 lakh 12k (10k more). But under this deal, you will get one more tv free of cost (Samsung DU7700 43inch which could be sold for 30k). And warranty would be 1+ 2yr comprehensive
 
Nope. I took QN90D from offline Reliance store for 1,02,000 which is 1,45,000 during the sale.
I hope you have checked this before buying.

You could have gotten a better model in the same price range. maybe LG C4 OLED.
 
I hope you have checked this before buying.

You could have gotten a better model in the same price range. maybe LG C4 OLED.
I wasn't convinced with LG webos. That was the primary reason for me to choose mini led.
 
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