How to cancel no cost emi on a merchant transaction but get the interest as discount?

[pavan000]

How to cancel no cost emi on a merchant transaction but get the interest as discount. For example, etailers give interest as discount upfront. How to retain that while cancelling the emi.

 

[Spoderman]

Thanks guys, this is reply from HDFC

34688 the amount I owe + gst, processing fee etc etc (123+23+199+17.91+17.91)

Total i need to pay is 35068.39

Hi, did you finally go through the cancellation process? And did you finally paid 35068.39? Please can you also let me know when did you cancel the emi, after the transaction was converted to emi or before that?

 

[hariselio]

Hey what's the update of your ncemi cancellation? Did you have to pay the upfront discount to HDFC?

No, its all fine. overall only around ~200 i've paid extra...transaction amount was 78.5K

 

[rrsji]

sbi takes 3% +gst, closed last month.
previously once I go ₹100+gst for 67K amount emi. about 2-3 year ago

 

[Rahul Gupta]

No, its all fine. overall only around ~200 i've paid extra...transaction amount was 78.5K

So hdfc is still allowing cancellation? How did u cancel? Via customer care or mycards app?

 

[ak93]

So hdfc is still allowing cancellation? How did u cancel? Via customer care or mycards app?

I cancelled 2 weeks ago through customer care. Mycards is not working.

 

[beast_boy]

What About Amex, Are the reversing The processing fees and foreclosure charges?

 

[sinistr]

Hello, any one know if I purchased from croma using NCEMI and then cancel the emi then the NCEMI cashback will credited to my bank account or not?
I shared a screenshot mentioned that Rs.7076 as cashback

 

[Wealth is my birth right!]

sbi takes 3% +gst, closed last month.
previously once I go ₹100+gst for 67K amount emi. about 2-3 year ago

Yes in ICICI also 3% pre closure charges there on outstanding principal

 

[whywhy]

Yes in ICICI also 3% pre closure charges there on outstanding principal

in ICICI, the emi can be cancelled with no charges within 15 days. even the processing fee + GST is credited back

 

[Batmanbaba]

Hello, any one know if I purchased from croma using NCEMI and then cancel the emi then the NCEMI cashback will credited to my bank account or not?
I shared a screenshot mentioned that Rs.7076 as cashback

Ncemi cancellation trick is only useful when u get instant discount.... In case of cashback u wont get it.... Incase by mistake u get it.... The bank will take it back in next statement.....

 

[Wealth is my birth right!]

in ICICI, the emi can be cancelled with no charges within 15 days. even the processing fee + GST is credited back

Yes just pasting from one of my emi conversion mail last week:
In case you wish to cancel the EMI Facility, you can call us within 15 days from the date of conversion of the transaction. While the EMI Facility can be foreclosed, the prepayment charges will be applicable and the processing fee will not be reversed.

 

[sinistr]

Ncemi cancellation trick is only useful when u get instant discount.... In case of cashback u wont get it.... Incase by mistake u get it.... The bank will take it back in next statement.....

Thread 'Tata Neu Infinity - No Cost EMI discount' https://www.technofino.in/community/threads/tata-neu-infinity-no-cost-emi-discount.21181/
Is this working??

 

[prakhart4]

Was googling about it, and found this:

"An EMI for which instant discount was given to avail the product or service will not be eligible for cancellation within 17 days of EMI booking."

Does this mean it’s not possible anymore? In the email it also says “prepayment charges will be applied”, what does this mean? Anyone enquired?

 

[arun4455]

Anyone tried with ICICI bank recently, whether they levy foreclosure charges if the NCEMI is cancelled within 15 days of the transaction?

 

[AlekhyaDas]

same did you go ahead and tried? I need to do it

Anyone tried with ICICI bank recently, whether they levy foreclosure charges if the NCEMI is cancelled within 15 days of the transaction?

 

[arun4455]

same did you go ahead and tried? I need to do it

Yes, I did in icici bank. There were no cancellation charges.

 

[kitk615]

Yes, I did in icici bank. There were no cancellation charges.

What merchant was it?

 

[arun4455]

What merchant was it?

I did txn on oneplus website.

 

[thedator]

Yes, I did in icici bank. There were no cancellation charges.

Do they also reverse the 199 plus gst?

And did you ask to forclose or cancel the emi?

 

[arun4455]

Do they also reverse the 199 plus gst?

And did you ask to forclose or cancel the emi?

They do reverse. I told them that I want to pay in one go instead of EMI. The agent told me that there are no charges if cancelled within 15 days from txn date.