HDFC Asking charges for no cost emi closure

[gzb30ab]

Hi guys I bought an AC from Amazon in 9 months no cost emi but when I went to cancel from mycards it's showing pre closure charges and cc are not helping also most as it's merchant emi it will be charged Offus emi are not charged!!. Help please

 

[SSV]

Hi guys I bought an AC from Amazon in 9 months no cost emi but when I went to cancel from mycards it's showing pre closure charges and cc are not helping also most as it's merchant emi it will be charged Offus emi are not charged!!. Help please

There is no help here in this case..
There will be 3% pre0closure costs associated with it and 18% GST on top of it as a bonus...

 

[gzb30ab]

There is no help here in this case..
There will be 3% pre0closure costs associated with it and 18% GST on top of it as a bonus...

Then what we got doing no cost emi and then cancelling it ? In icici I use I get whole interest as discount.

 

[Deleted member 11974]

@VISHESH_BANSAL dekho yeh

 

[arun4455]

Whether first EMI has been posted to your account? If yes, then you have to pay the charges.

If not, then bank may cancel the emi within 3 days of the txn, however, processing fee will not be reversed.

 

[kushhh]

Hi guys I bought an AC from Amazon in 9 months no cost emi but when I went to cancel from mycards it's showing pre closure charges and cc are not helping also most as it's merchant emi it will be charged Offus emi are not charged!!. Help please

When was the purchase date, and the emi cancellation date

 

[praful47]

no cost EMI is a trap .
for emi conversion 199+18 gst on top of that 18% gst on every emi .
foreclose charges 3%+18 gst

 

[gzb30ab]

When was the purchase date, and the emi cancellation date

12th July only and cancel yesterday but stopped due to pre closure showing

 

[gzb30ab]

Whether first EMI has been posted to your account? If yes, then you have to pay the charges.

If not, then bank may cancel the emi within 3 days of the txn, however, processing fee will not be reversed.

No it converted yesterday only

 

[arun4455]

No it converted yesterday only

If it is converted, then the bank will levy the charges. Just pay in advance, if you don't want to pay in emi.

 

[BVCBVC is verified member.]

no cost EMI is a trap .
for emi conversion 199+18 gst on top of that 18% gst on every emi .
foreclose charges 3%+18 gst

Yes better to prefer and buy with instant discount offers only. I also feel EMI is always a trap and we will be in the EMI cycle throughout. But there is other side as when we need it on urgency and no funds there is no option again. But overall it has edge towards trap as I feel.

 

[kushhh]

If it is converted, then the bank will levy the charges. Just pay in advance, if you don't want to pay in emi.

Have you tried it?

 

[BVCBVC is verified member.]

No it converted yesterday only

If it's converted nothing can be done. Pay the EMI or pay the pre closure penalty.

 

[BVCBVC is verified member.]

No it converted yesterday only

Post in thread 'HDFC EMI Closure and Flipkart'

Jul 14, 2024

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...

• Tejo

• 

Go through this post. Detailed explanation by @Tejo

 

[kushhh]

No it converted yesterday only

What is your bill statement generation date every month

 

[gzb30ab]

What is your bill statement generation date every month

22th july is statement date

 

[#aniket]

Then what we got doing no cost emi and then cancelling it ? In icici I use I get whole interest as discount.

Sarein ICICI, Axis nahi hain na sabka apna apna policy hai...

Kotak bhi refund kar deta to some great extent except convenience fees or GST or both, if I remember well.

 

[Anindya98]

Hi guys I bought an AC from Amazon in 9 months no cost emi but when I went to cancel from mycards it's showing pre closure charges and cc are not helping also most as it's merchant emi it will be charged Offus emi are not charged!!. Help please

Do you want to cancel the EMI or return the AC?

 

[SSV]

Do you want to cancel the EMI or return the AC?

He wants to cancel EMI and Keep AC.. is it possible ??

 

[Anindya98]

He wants to cancel EMI and Keep AC.. is it possible ??

It is possible but you have to pay those extra fees better option is to cancel the AC and Reorder
When you return an item even if you do EMI everything including Processing fees gets reversed.