HDFC Asking charges for no cost emi closure

[Rohith-2009]

This is what they were doing in that 13 hour maintenance time

 

[desiviru]

Call CC and cancel it. Don't do it from mobile site. They will say so and so charges but you won't get charged. The 199 processing fee will be refunded but not the 18% gst of 35.82. If statement is generated then you can cancel only with penalty of preclosure charges. You can cancel EMI only before paying first EMI.

 

[phoenix1386]

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

The EMI was no charge. CLOSURE was not No Charge.

 

[kushhh]

Call CC and cancel it. Don't do it from mobile site. They will say so and so charges but you won't get charged. The 199 processing fee will be refunded but not the 18% gst of 35.82. If statement is generated then you can cancel only with penalty of preclosure charges. You can cancel EMI only before paying first EMI.

When did you last try it

 

[Venky]

What about the no-cost EMI discount that we get upfront? I assume they have started to ask for the whole amount now, right?

 

[sv004]

Are pre closure charges less than no cost emi discount?

 

[dapatale]

Are pre closure charges less than no cost emi discount?

For me yes pre closure charges were less than the discount I got

 

[dapatale]

Is ICICI still allow to cancel merchant EMI without pre closure charges
I did cancelled my Merchant EMI on ICICI cc 3 months back

 

[IKFLRT]

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

Hey,
did you cancel your emi? Please update what happened next

 

[gzb30ab]

Hey,
did you cancel your emi? Please update what happened next

Yes I did cancel my emi only the amount that was deducted was charged and GST amount no pre closure charges were charged even though they were showing..

 

[rounakbhowmik]

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...

Let's say the product costs ₹100, and the annual interest rate is 16%. In the case of a no-cost EMI, the merchant covers the interest. You would typically be paying the principal amount along with GST and a processing fee. However, if you cancel the EMI, the processing fee will be refunded. The GST, amounting to ₹36, will still be applicable. So after pre-closure, the total amount due would be ₹100 + ₹36 (GST) - ₹16 (interest), resulting in a total payment of ₹120. Correct?

 

[SSV]

Let's say the product costs ₹100, and the annual interest rate is 16%. In the case of a no-cost EMI, the merchant covers the interest. You would typically be paying the principal amount along with GST and a processing fee. However, if you cancel the EMI, the processing fee will be refunded. The GST, amounting to ₹36, will still be applicable. So after pre-closure, the total amount due would be ₹100 + ₹36 (GST) - ₹16 (interest), resulting in a total payment of ₹120. Correct?

go thru this thread, I explained my experience there..

Post in thread 'BBD and GIF deals thread'

Oct 27, 2023

Now , after few days when it starts reflecting in Mobile App, contact Customer Care over the call and ask them , what type of closure they are offering i.e, Foreclosure or Cancellation.

More Details on HDFC DC EMI...

There are two types of DC EMI in HDFC...

1) HDFC pre- approved DC EMI - (cancellation allowed)
2) Merchant EMI... -- ( no cancellation allowed, only pre closure)...

If it is the first case i.e. HDFC aprroved EMI,, then we can cancel the EMI within first 7 days...

If it is Merchant EMI, i.e. bought thru Amazon, FK , or any other third party website.. there...

• SSV

• 

 

[rounakbhowmik]

go thru this thread, I explained my experience there..

Post in thread 'BBD and GIF deals thread'

Oct 27, 2023

Now , after few days when it starts reflecting in Mobile App, contact Customer Care over the call and ask them , what type of closure they are offering i.e, Foreclosure or Cancellation.

More Details on HDFC DC EMI...

There are two types of DC EMI in HDFC...

1) HDFC pre- approved DC EMI - (cancellation allowed)
2) Merchant EMI... -- ( no cancellation allowed, only pre closure)...

If it is the first case i.e. HDFC aprroved EMI,, then we can cancel the EMI within first 7 days...

If it is Merchant EMI, i.e. bought thru Amazon, FK , or any other third party website.. there...

• SSV

• 

@SSV Earlier, I purchased an Apple product offline for ₹1.52 lakh through an OFFUS EMI option. Later, I cancelled the EMI with HDFC, and now it shows ₹1,42,880 debited, resulting in a profit of ₹9,120 plus credit card rewards.

Now, I want to do the same thing on the Samsung corporate online portal. Do you know if this is an OFFUS or merchant EMI? That way, we can use the same strategy

 

[SSV]

@SSV Earlier, I purchased an Apple product offline for ₹1.52 lakh through an OFFUS EMI option. Later, I cancelled the EMI with HDFC, and now it shows ₹1,42,880 debited, resulting in a profit of ₹9,120 plus credit card rewards.

Now, I want to do the same thing on the Samsung corporate online portal. Do you know if this is an OFFUS or merchant EMI? That way, we can use the same strategy

Sorry I don’t know

 

[praful47]

@SSV Earlier, I purchased an Apple product offline for ₹1.52 lakh through an OFFUS EMI option. Later, I cancelled the EMI with HDFC, and now it shows ₹1,42,880 debited, resulting in a profit of ₹9,120 plus credit card rewards.

Now, I want to do the same thing on the Samsung corporate online portal. Do you know if this is an OFFUS or merchant EMI? That way, we can use the same strategy

Samsung gives discount on corporate portal ?

 

[rounakbhowmik]

Samsung gives discount on corporate portal ?

 

[dweapons]

@SSV Earlier, I purchased an Apple product offline for ₹1.52 lakh through an OFFUS EMI option. Later, I cancelled the EMI with HDFC, and now it shows ₹1,42,880 debited, resulting in a profit of ₹9,120 plus credit card rewards.

Now, I want to do the same thing on the Samsung corporate online portal. Do you know if this is an OFFUS or merchant EMI? That way, we can use the same strategy

Yes samsung gives instant interest discount on HDFC card. S24 ultra 256 gb kitne pad raha hai samsung corporate pe? And what is OFFUS EMI ? IN OFFLINE YOU GOT INSTANT INTEREST AS DISCOUNT OR FIRST DEDUCTED FULL AMOUNT FROM YOUR CARD THEN REDUCED PRICE?