HDFC EMI Closure and Flipkart

[Tosh]

I purchased a laptop (yet to be delivered) from Flipkart using HDFC credit card (no cost EMI) would need some words of wisdom here

Now my concern is that the same laptop is listed on Amazon for 167k while Flipkart listing was 130k. I doubt it was fake because Predator website redirect me to the Flipkart page.

After I bought the device it's price update to 135k the very next hour

I got the laptop for effectively ~117k Coming to EMI the principal was 109k and interest some 8k odd rupees I am planning to cancel the EMI and pay full but it being the first day today I am being asked to pay some pro-rata based interest amount of approx ~1.2k which seems weird to me as that is more than the total amount an entire month should have as it was a 9 month plan.

Payment was done on Thursday 7pm and I see today there are foreclosure charges of approx 3k which shouldn't be there as it's not been 3 days yet since transaction

So can anyone help with explanation of
1. Pro rata interst
2. Foreclosure charges
3. What should be checked while delivery

 

[varkey]

I have reached AXIS & SBI team for the same, but they did told me no processing fees would be reversed 3% interest on 1st installment as well as some fore-closure fees as well. So, it sounded like some penalities. So, I avoided trying on them so far.

Axis is same as ICICI, just call within 30 days, and all charges are reversed. Tried and tested just a week back.

SBI, there is a trick if you make the outstanding on the card 0, the EMI conversion itself doesn't happen. I did this for a transaction done on October 27th, will give it some days before confirming. So far I see my outstanding as 0 and I only see the lumpsum transaction in the history. No EMI conversions yet.

 

[varkey]

SBI, there is a trick if you make the outstanding on the card 0, the EMI conversion itself doesn't happen. I did this for a transaction done on October 27th, will give it some days before confirming. So far I see my outstanding as 0 and I only see the lumpsum transaction in the history. No EMI conversions yet.

Still nothing, EMI conversion didn't get triggered, so no need for EMI cancellation or pre-closure. This is a good trick if you don't have other spends on the card, and can make an immediate full payment and don't want to avail the 20-50 day interest free period.

 

[varkey]

SBI, there is a trick if you make the outstanding on the card 0, the EMI conversion itself doesn't happen. I did this for a transaction done on October 27th, will give it some days before confirming. So far I see my outstanding as 0 and I only see the lumpsum transaction in the history. No EMI conversions yet.

Got the below SMS from SBI Cards earlier today. Transaction remains unconverted to EMI. 🎉 Saved, the foreclosure fee this time.

Dear TATA Cardholder, we regret to inform you that your MERCHANT EMI conversion request opted at the time of purchase at Flipkart Internet Private Limited for trxn of Rs. xxxxx done on xx-OCT-24 has not been converted for the following reason: Insufficient Retail Outstanding Balance. For more information, kindly call our helpline at 18001808282 or 39023456 (prefix local STD code).

 

[zaid_2913]

One of my friends made a payment of 1.5 Lakhs through 24M NCEMI and later closed it using my cards. After the closure, he received an email requesting a payment of 134,300 within one day, which he paid on the same day. However, they deducted the interest amount from his card. Raised complaint which is still open.

 

[subrata4621]

what happened to you after that, did after billing ur first emi got reversed along with processing fees or not???

I canceled my emi via call two days ago. They told me it would take four days, but I still haven't received a cancellation email or seen any updates on my card transactions. My bill statement will generate tomorrow. Can you pls tell what might happen in this situation