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.

 

[shutapdiya]

In SBI you can only foreclose by paying
3-4% of Principal Amount.

Ohhh. In that case we should be calculating that 3-4 % against what additional we were to save through no cost, right?

Are there any processing fee, other charges other than 3-4 % applicable?

 

[VISHESH_BANSAL]

Ohhh. In that case we should be calculating that 3-4 % against what additional we were to save through no cost, right?

Yes. for saving this 3-4% yesterday another member shared a trick to make outstanding Zero and Pay in advance the NCEMI TXN Amount, before making the txn

I think you read that comment as well

Are there any processing fee, other charges other than 3-4 % applicable?

yes 199 Processing Fee.
In case of Foreclosure I do not think SBI will reverse it.

 

[shutapdiya]

Yes. for saving this 3-4% yesterday another member shared a trick to make outstanding Zero and Pay in advance the NCEMI TXN Amount, before making the txn

I think you read that comment as well

yes 199 Processing Fee.
In case of Foreclosure I do not think SBI will reverse it.

Yes I did read that comment but not sure if how paying above credit limit works in SBI (I was denied once by SBI Billdesk portal while paying excess)

 

[Rahul Gupta]

Yes. for saving this 3-4% yesterday another member shared a trick to make outstanding Zero and Pay in advance the NCEMI TXN Amount, before making the txn

I think you read that comment as well

yes 199 Processing Fee.
In case of Foreclosure I do not think SBI will reverse it.

So overpaying sbi cc will prevent emi creation in first place?

 

[Rahul Gupta]

In SBI you can only foreclose by paying
3-4% of Principal Amount.

Its different with me. They said merchant emi can only be canceled if they recieve a refund from merchant side.

 

[shutapdiya]

Its different with me. They said merchant emi can only be canceled if they recieve a refund from merchant side.

need someone who has really burned their hands with SBI recently to share his experience

 

[shutapdiya]

Its different with me. They said merchant emi can only be canceled if they recieve a refund from merchant side.

Did you spoke to them before attempting the txn or after ?

 

[VISHESH_BANSAL]

Its different with me. They said merchant emi can only be canceled if they recieve a refund from merchant side.

I am taking about foreclosure.

Cancellation of EMI and Foreclosure of EMI is different.

 

[VISHESH_BANSAL]

So overpaying sbi cc will prevent emi creation in first place?

Post in thread 'How to cancel no cost emi on a merchant transaction on SBI CC' https://www.technofino.in/community...chant-transaction-on-sbi-cc.14663/post-392215

 

[Rahul Gupta]

Did you spoke to them before attempting the txn or after ?

After. Btw i asked for cancelation, not for pre-closure as explained by vishesh.

 

[shutapdiya]

After. Btw i asked for cancelation, not for pre-closure as explained by vishesh.

So in all ncemi cancellation doesnt work with sbi cards

 

[Rahul Gupta]

I cancelled one more emi today. This time saved 34k with instant discount and no cost emi.

 

[ljcrocks]

I cancelled one more emi today. This time saved 34k with instant discount and no cost emi.

I bought a TV from croma offline store on 11th and if I cancel EMI, instant discount will not be cancelled and have to pay only principal amount, right ?

 

[Rahul Gupta]

I bought a TV from croma offline store on 11th and if I cancel EMI, instant discount will not be cancelled and have to pay only principal amount, right ?

Yes. but some banks charges forclosure charges so first ask your bank if there is any charges for emi cancellation.

And do it within 14 days.

 

[kaushik1064]

With icici and axis.... No foreclosure charges.... If done within 15 days of transaction

What about sbi

 

[Rahul Gupta]

What about sbi

As per @VISHESH_BANSAL sbi charges 3% forclosure charges on if you cancel manually. Nothing in case of merchant refund.

 

[AllThatStuff]

Did you get the no cost emi discount after cancellation or did they recover full amount

bhai…No cost EMI discount is given by the merchant and not the bank. Infact, bank is not aware of any such discount given by the merchants!! If you understand the concept of No Cost EMI discount…you’ll know that bank has no role in it!

 

[silly_putty]

Guys I want to buy ps5 2 controller one and with card discount I'm getting it for 42.5k. I also have hdfc, kotak and axis cc, if I take no cost emi for any of them and cancel it, will I get the extra no cost emi discount as well?

 

[Rahul Gupta]

Guys I want to buy ps5 2 controller one and with card discount I'm getting it for 42.5k. I also have hdfc, kotak and axis cc, if I take no cost emi for any of them and cancel it, will I get the extra no cost emi discount as well?

Agar NCE discount available h toh mil jaeyga. hdfc use karlena.

 

[silly_putty]

Agar NCE discount available h toh mil jaeyga. hdfc use karlena.

Ha, 2000 ka hai. Although ab card discount 5k se 3k kar diya hai. Axis/hdfc wese processing fees wagera refund karte hai kya? Processing fees 450 ke ass pass kuch tha axis pe