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Does no cost emi cancel trick work on offline stores?

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dweapons said:
Which company swipe machine was?
And full amount emi me kab convert hogi? And convert hone ke baad kya amount rehti hai block?
Kab emi cancel karna hai?

Mene pine lab me swipe Kiya to reliance Wale bol rahe hai ki emi interest 3 month baad ayega card me wapas
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It was pine labs machine for me. EMI will get converted within 3-4 days. But you'll not see that EMI amount in hdfc netbanking (if yours is hdfc). Call 4-5 days before the billing date and hdfc will cancel the EMI and will tell you the lesser amount.

Whatever reliance wale said is false. Ignore that and call hdfc or your bank's customer care.
 
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telescope said:
It was pine labs machine for me. EMI will get converted within 3-4 days. But you'll not see that EMI amount in hdfc netbanking (if yours is hdfc). Call 4-5 days before the billing date and hdfc will cancel the EMI and will tell you the lesser amount.

Whatever reliance wale said is false. Ignore that and call hdfc or your bank's customer care.
Click to expand...

telescope said:
It was pine labs machine for me. EMI will get converted within 3-4 days. But you'll not see that EMI amount in hdfc netbanking (if yours is hdfc). Call 4-5 days before the billing date and hdfc will cancel the EMI and will tell you the lesser amount.

Whatever reliance wale said is false. Ignore that and call hdfc or your bank's customer care.
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1000210385.webp


Kya muje 87648 pay karna hoga?
 
Alex292929 said:
Offline trick working for me on HDFC.
42500 Total Amt with Int. (Initially Debited)
EMI Amt. 7082 x 6
Principal Amt. 40693

Called and canceled the EMI (not forclosed)
Payable Amt. 40693 + GST on Processing Fees

Saved Around 1750₹
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I am supposed to get merchant cashback (aka the interest amount of emi), what will happen to this cashback if i cancel the emi, I am using icici credit card and merchant is sony (somewhere i read sony gives merchant cashback after 90 days), will i still get merchant cashback even after cancellation of emi??
 
divyanshu1313 said:
I am supposed to get merchant cashback (aka the interest amount of emi), what will happen to this cashback if i cancel the emi, I am using icici credit card and merchant is sony (somewhere i read sony gives merchant cashback after 90 days), will i still get merchant cashback even after cancellation of emi??
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Did anyone get merchant cashback (aka the interest discount) on cancellation of emi from offline stores?
 
Knlsg5 said:
@telescope For Pinelabs Payment Gateway on vijaysales.com, how many days will it take to receive cashback (Interest discount) if I cancel the NCEMI?
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See it depends from bank to bank. I used hdfc and it took around 5 days for the emi to get processed, after that I called customer care and it took another 4 days for cancellation.
 
telescope said:
See it depends from bank to bank. I used hdfc and it took around 5 days for the emi to get processed, after that I called customer care and it took another 4 days for cancellation.
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So, does that mean when I cancel NCEMI, the interest amount will be deducted from the final payable amount?

For example: If I am purchasing a ₹50,000 product with NCEMI and the NCEMI cashback is ₹5,000:
  • The payment page shows Payable amount- ₹50,000 & NCEMI Cashback- ₹5,000
  • I pay ₹50,000 with NCEMI option.
  • After cancelling NCEMI, will I only need to pay ₹45,000? Or I need to pay ₹50,000 now & I will get ₹5,000 after 90 days?
@Alex292929
 
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Knlsg5 said:
So, does that mean when I cancel NCEMI, the interest amount will be deducted from the final payable amount?

For example: If I am purchasing a ₹50,000 product with NCEMI and the NCEMI cashback is ₹5,000:
  • The payment page shows Payable amount- ₹50,000 & NCEMI Cashback- ₹5,000
  • I pay ₹50,000 with NCEMI option.
  • After cancelling NCEMI, will I only need to pay ₹45,000? Or I need to pay ₹50,000 now & I will get ₹5,000 after 90 days?
@Alex292929
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In my case I have paid the whole amount for example in your case i paid 50k upfront after cancellation of emi, in my case merchant (sony) takes 90 days for cashback (my emi was of 3 months).

but i am not sure they will pay cashback now that i have cancelled the emi, if anyone know how it will proceed plz let me know
 
divyanshu1313 said:
In my case I have paid the whole amount for example in your case i paid 50k upfront after cancellation of emi, in my case merchant (sony) takes 90 days for cashback (my emi was of 3 months).

but i am not sure they will pay cashback now that i have cancelled the emi, if anyone know how it will proceed plz let me know
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Which Credit Card? POS? Merchant?
 
Knlsg5 said:
So, does that mean when I cancel NCEMI, the interest amount will be deducted from the final payable amount?

For example: If I am purchasing a ₹50,000 product with NCEMI and the NCEMI cashback is ₹5,000:
  • The payment page shows Payable amount- ₹50,000 & NCEMI Cashback- ₹5,000
  • I pay ₹50,000 with NCEMI option.
  • After cancelling NCEMI, will I only need to pay ₹45,000? Or I need to pay ₹50,000 now & I will get ₹5,000 after 90 days?
@Alex292929
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You are correct. I could not see the discounted price (without interest component) anywhere in my netbanking. But hdfc customer care quoted the transaction amount which is without interest.
 
telescope said:
You are correct. I could not see the discounted price (without interest component) anywhere in my netbanking. But hdfc customer care quoted the transaction amount which is without interest.
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same case happened with me, i bought a sony product and they told me i will get zero cost emi, when the transaction happened it showed full amount (16% interest per annum).
When I saw bill it showed something called "merchant cashback", which was approx equal to the interest amount I will be paying, now I waited 3-4 days until the card processed my emi, but to my surprise I didn't get that "merchant cashback" and was showing full interest on my principle.

I searched google and read that sony gives merchant cashback 90days after the emi starts, so I cancelled the emi.

Now I don't know sony will give merchant cashback or not as I have cancelled the emi and not paying any interest. Can anyone update on this.
 
divyanshu1313 said:
same case happened with me, i bought a sony product and they told me i will get zero cost emi, when the transaction happened it showed full amount (16% interest per annum).
When I saw bill it showed something called "merchant cashback", which was approx equal to the interest amount I will be paying, now I waited 3-4 days until the card processed my emi, but to my surprise I didn't get that "merchant cashback" and was showing full interest on my principle.

I searched google and read that sony gives merchant cashback 90days after the emi starts, so I cancelled the emi.

Now I don't know sony will give merchant cashback or not as I have cancelled the emi and not paying any interest. Can anyone update on this.
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So after emi cancel which amount you paid to your credit card ? Full invoice bill amount ?
 
dweapons said:
So after emi cancel which amount you paid to your credit card ? Full invoice bill amount ?
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yes, for example if the product was of 50k after all the offers and discount, it showed 1k as interest +199processing fee+gst = approx 51,250.

Now sony promised me approx 1100 as merchant cashback mentioned on bill but not date (which I assume will get after 90 days as per netizens)

now I cancelled the emi and paid 50k only as other charges were reversed by bank on cancellation of emi. I am not sure I will get that 1100 back after 90 days

to make it clear its not like amazon no cost emi where the principle amount itself is reduced and interest is added to make 50k, in my case the principle itself was 50k
 
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