• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

Help with EMI on ICICI Credit card

  • Thread starter Thread starter HVS
  • Start date Start date
  • Replies Replies 91
  • Views Views 7K

HVS

TF Select
Hi Guys,

I'm trying to buy an TV offline of around 1 lakh and the merchant is giving "low cost" EMI facility and gives 6000 discount but if I increase the tenure then the total cost is getting increased. I can pay full amount but the discount is only 3000 for full swipe. So can I chose EMI option and later cancel the EMI calling customer care will I receive the upfront discount of 6000 or will they charge the amount in total bill. Also, the low cost upfront interest discount will be given or it'll also be charged?

This is my first time buying something on EMI so need help of you guys. I tried to find the answers using search but couldn't find solutions for this query. Any help will be appreciated.
 
Hi Guys,

I'm trying to buy an TV offline of around 1 lakh and the merchant is giving "low cost" EMI facility and gives 6000 discount but if I increase the tenure then the total cost is getting increased. I can pay full amount but the discount is only 3000 for full swipe. So can I chose EMI option and later cancel the EMI calling customer care will I receive the upfront discount of 6000 or will they charge the amount in total bill. Also, the low cost upfront interest discount will be given or it'll also be charged?

This is my first time buying something on EMI so need help of you guys. I tried to find the answers using search but couldn't find solutions for this query. Any help will be appreciated.
Go ahead and buy. You won't be charged anything extra. Buy, wait for the emi conversion message, then next day call and tell the customer care that you want to cancel the emi and willing to pay the full amount in one go. After that they would cancel the emi and bill you the full amount in your next statement which you can pay off. You can also pay off anytime in between too after the cancellation of the emi and generation of statement.
 
Go ahead and buy. You won't be charged anything extra. Buy, wait for the emi conversion message, then next day call and tell the customer care that you want to cancel the emi and willing to pay the full amount in one go. After that they would cancel the emi and bill you the full amount in your next statement which you can pay off. You can also pay off anytime in between too after the cancellation of the emi and generation of statement.
Thank You. I found some other threads too on technofino. I'll definitely try this today thanks.
 
Thank You. I found some other threads too on technofino. I'll definitely try this today thanks.
Only HDFC is a bit tedious with EMI cancellation. Other banks are quite easy to deal with, have experience with ICICI, AXIS and HDFC.

Been running an experiment on HDFC, where they say that after cancelling the emi you have to pay some interest and GST on that and also that you have to make the full payment on the next day. However, nothing happens if you don't pay the next day and wait for the statement generation. Plus, that extra interest and gst on that also doesn't show up in statement if you happen to wait and if you happen to pay, it will show up as extra payment in the statement (example - bought something of 10k in emi, payment asked for 10k+200+gst and at the end those 200+gst show up as overpayment). Essentially they also work like AXIS and ICICI but without the clear messaging. However unlike AXIS and ICICI, they don't return the GST charged on the emi conversion fee.
 
Only HDFC is a bit tedious with EMI cancellation. Other banks are quite easy to deal with, have experience with ICICI, AXIS and HDFC.

Been running an experiment on HDFC, where they say that after cancelling the emi you have to pay some interest and GST on that and also that you have to make the full payment on the next day. However, nothing happens if you don't pay the next day and wait for the statement generation. Plus, that extra interest and gst on that also doesn't show up in statement if you happen to wait and if you happen to pay, it will show up as extra payment in the statement (example - bought something of 10k in emi, payment asked for 10k+200+gst and at the end those 200+gst show up as overpayment). Essentially they also work like AXIS and ICICI but without the clear messaging. However unlike AXIS and ICICI, they don't return the GST charged on the emi conversion fee.
But they do cut 3% pre payment charges na?
 
Only HDFC is a bit tedious with EMI cancellation. Other banks are quite easy to deal with, have experience with ICICI, AXIS and HDFC.

Been running an experiment on HDFC, where they say that after cancelling the emi you have to pay some interest and GST on that and also that you have to make the full payment on the next day. However, nothing happens if you don't pay the next day and wait for the statement generation. Plus, that extra interest and gst on that also doesn't show up in statement if you happen to wait and if you happen to pay, it will show up as extra payment in the statement (example - bought something of 10k in emi, payment asked for 10k+200+gst and at the end those 200+gst show up as overpayment). Essentially they also work like AXIS and ICICI but without the clear messaging. However unlike AXIS and ICICI, they don't return the GST charged on the emi conversion fee.
Some people mentioned that hdfc charges interest from billing date till day of cancellation/payment. Is that right?

As per ur comment, it seems no interest/charges apart from 36 GST.

Also, any idea if normal and Smartbuy points gets credited like usual even after emi cancellation? Smartbuy terms say it is applicable on easy emi, but doesn't say anything about easy emi cancellation.
 
Oh, nice then.

But people say, 3% pre closure charges are there

Maybe it is for cancellation period over.
There are two things here..
1) Cancellation and
2) Pre-Closure..

Cancellation happens with in 15 days in the case of those two banks.
Any termination of loan after 15 days comes under Pre-Closure.. In this case all pre-closure terms and condtions will come to play.
 
Is it possible to keep the initial interest discount offered on my ICICI Credit Card? I'm considering purchasing the Samsung S22, and if I can maintain the interest discount, it would make for a great deal as I could get it for 35k. @S S V @D₹V
 
Last edited:
Is it possible to keep the initial interest discount offered on my ICICI Credit Card? I'm considering purchasing the Samsung S22, and if I can maintain the interest discount, it would make for a great deal as I could get it for 35k. @S S V @D₹V
This is what most of the people are saying.. I personally haven't done it, so no comments from my side.
 
Thank you, @S S V and @vaibhav111. I've have placed the order. I'll keep you updated once I receive the EMI conversion message or email. Then I'll give a call to CS after 24hrs of receiving the sms. I'll request them for cancellation of EMI. Fingers crossed that everything goes smoothly, or I might end up paying an extra 2.5k for this.
any update on this?? how was the experience??
 
Transaction not updated yet in ICICI statement still in unbilled section and showing merchant as Paytm whereas I purchased in Flipkart I'm bit confused here. Once I receive the update for sure I'll post it here
i have made a puchase too 2 days back. yesterday got the message for full payment and showed up in unbilled transactions section ( the full puchase amount). yet to receive emi conversion type of message. Is it normal to receive full spent message even if we purchase via emi.
 
Back
Top