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How does an instant discount with 0% interest work in credit cards in case of EMI?

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iM23

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How does this work? It is for the ICICI credit card. I have never bought anything on EMI but in this case, it is showing 0% interest and so, I got interested. Without EMI it costs 52905 and with EMI it is 50523. I can buy it on full swipe but that 0% interest and instant discount make me curious. What would be a good decision? It is not like there is an interest and I'll get that interest as a discount. That option is also there but this particular option is showing 0% interest. So, what about GST and charges here?

Also, after purchasing a product on EMI, I heard for a specific time the entire product price gets locked. How does it work?
 
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Mere bhai ₹ 8817 x 6 = Rs 52905, if you let EMI run for the whole tenure.
Other charges involved. Rs 199 + GST. This comes out to be Rs 235 (Roughly)
Then the interest component GST = 18% of interest part (Which i can't comprehend, what that would be in your case)
So coming to the trick part, what i have learned from our TFcians, that this should be done before generation of bill.
Then after taking the No cost EMI option, in a day or two, EMI is created on our credit card.
Then we need to call the customer care to cancel our No cost EMI, then he/she would let us know the exact amount
we need to pay to foreclose our transaction.
Rest foreclose krne se friends have confirmed that processing charges are also reverted.
Ye trick kis kis bank pe kaam kr rhi hai, ye confirm ni hai. I have not perform this type of transaction.

rest others can also correct me.
 
Hemang said:
Mere bhai ₹ 8817 x 6 = Rs 52905, if you let EMI run for the whole tenure.
Other charges involved. Rs 199 + GST. This comes out to be Rs 235 (Roughly)
Then the interest component GST = 18% of interest part (Which i can't comprehend, what that would be in your case)
So coming to the trick part, what i have learned from our TFcians, that this should be done before generation of bill.
Then after taking the No cost EMI option, in a day or two, EMI is created on our credit card.
Then we need to call the customer care to cancel our No cost EMI, then he/she would let us know the exact amount
we need to pay to foreclose our transaction.
Rest foreclose krne se friends have confirmed that processing charges are also reverted.
Ye trick kis kis bank pe kaam kr rhi hai, ye confirm ni hai. I have not perform this type of transaction.

rest others can also correct me.
Click to expand...
Personally i tried. Work for HDFC. Not work for BOB
 
Hemang said:
pro rata basis pe interest charge liya bank ne. Processing charge vapas de diya poora bhai ? What do we need to say to customer care whether to close the EMI or cancel it ?
Click to expand...
If you cancel emi transaction within 7 days of emi conversion than no pre closure charges and also fees will be reversed. Call customer care for hdfc bank
And chat with customer care for axis bank
 
Hemang said:
Mere bhai ₹ 8817 x 6 = Rs 52905, if you let EMI run for the whole tenure.
Other charges involved. Rs 199 + GST. This comes out to be Rs 235 (Roughly)
Then the interest component GST = 18% of interest part (Which i can't comprehend, what that would be in your case)
So coming to the trick part, what i have learned from our TFcians, that this should be done before generation of bill.
Then after taking the No cost EMI option, in a day or two, EMI is created on our credit card.
Then we need to call the customer care to cancel our No cost EMI, then he/she would let us know the exact amount
we need to pay to foreclose our transaction.
Rest foreclose krne se friends have confirmed that processing charges are also reverted.
Ye trick kis kis bank pe kaam kr rhi hai, ye confirm ni hai. I have not perform this type of transaction.

rest others can also correct me.
Click to expand...
Thanks a lot. 2 things -
  1. Interest component GST - In this case, will there be any such things as it is showing 0% interest here?
  2. How will the instant discount work in the case of EMI? And if I cancel the EMI as soon as the transaction gets converted to EMI (came to know ICICI doesn't charge foreclosure fees for 15 days), nothing will be charged extra, right?
 
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