Emi refund query

[somgupta]

Hi everyone, I have a little query about a purchase made on EMI using a credit card. I purchased a smartphone from Flipkart at no cost EMI on the 7th and later cancelled the order. Again I purchased a smartphone on the 8th, again cancelled the order. So I want to know, will I get a full refund including the processing fee? and do I need to contact the bank regarding cancelling the EMI after payment settlement?

 

[4uziaul]

Hi everyone, I have a little query about a purchase made on EMI using a credit card. I purchased a smartphone from Flipkart at no cost EMI on the 7th and later cancelled the order. Again I purchased a smartphone on the 8th, again cancelled the order. So I want to know, will I get a full refund including the processing fee? and do I need to contact the bank regarding cancelling the EMI after payment settlement?

You didn't mention which bank, and that matters too. Usually, it's handled automatically, but to be on the safer side, just call them and inform them that the order has been cancelled by you.

 

[vaibhav111vaibhav111 is verified member.]

Hi everyone, I have a little query about a purchase made on EMI using a credit card. I purchased a smartphone from Flipkart at no cost EMI on the 7th and later cancelled the order. Again I purchased a smartphone on the 8th, again cancelled the order. So I want to know, will I get a full refund including the processing fee? and do I need to contact the bank regarding cancelling the EMI after payment settlement?

you won't have to pay anything to the bank.. it will debited and credited and same thing again.. if after 4 working days.. debit of any EMI processing fees is then call the bank after you check in the banking app of that bank. only in rare cases of using amazon pay/amazon voucher /fk voucher balance EMI isn't automatically cancelled by the bank..

 

[anilkrsh]

If the transaction is cancelled before bank converts it to emi, you get full refund. Otherwise you don't get refund for Processing fees.

 

[4uziaul]

If the transaction is cancelled before bank converts it to emi, you get full refund. Otherwise you don't get refund for Processing fees.

They will still receive it. That's why I said it depends on the bank. If the order is cancelled, they will receive a 100% refund, and if the bank doesn't refund the processing fees, you may need to go that extra mile to get it refunded. In other words, you have to use Bamboo.

 

[somgupta]

thank you everyone for the response. Bank is Icici , i called the customer care , she just kept saying sir payment is not settled yet, It will take 3-4 days.

 

[crazyuploader]

thank you everyone for the response. Bank is Icici , i called the customer care , she just kept saying sir payment is not settled yet, It will take 3-4 days.

Any update? Recently came in the same boat as you, cancelled a no cost EMI on Amazon using Amazon Pay ICICI Bank CC, I cancelled immediately so not sure if I will get full refund or will need to pay the processing charge or stuff

 

[aadi]

Hi there, I recently placed an order 2 days back on No cost emi but cancelled it today that is after 2 days. It is saying refund will be credited in next 4-6 days. By that time Emi might have been generated so will i get full refund including the processing fees and any other charges also ? It’s Axis bank.