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How to cancel no cost emi on a merchant transaction on SBI CC
- Thread starter realReXishere
- Start date
- Replies 121
- Views 19K
If you want to save interest, why you did txn in EMI mode instead of full swipe?
Ya cancellation ka reason khuch aur hi hai🤣
realReXishere
TF Buzz
Emi mai 10% ka discount tha Amazon mai.
When did banks started force closure charges for marchant emi , did I read wrong ????
realReXishere
TF Buzz
Can I foreclosure the emi before the first emi generates?
I think u can close emi after first emi
realReXishere
TF Buzz
So, I'd still have to pay 1st emi interest and gst. Now the 10% discount doesn't seems such a good deal.
NCEMI discount nhi diya Amazon ne ?
Cancel the order.
SBI is not going to cancel the Merchant EMI without full Refund against same txn.
I hope Other Banks would not follow the same for Cancellation of Merchant EMI
You can choose to pre-close the Merchant EMI facility with pre-payment charges by calling SBI Card helpline at 39 02 02 02 (Prefix STD code of your city while calling from mobile) or 1860 180 1290 (if calling from MTNL and BSNL lines).
Effective 27th February 2023, for all Merchant EMI foreclosures, interest accrued during the period between the last Statement Date & the Foreclosure Request Date will also be added to the Foreclosure charges. This interest will be over & above the foreclosure fee of 3% on the principal outstanding on pro-rata basis, plus applicable taxes.
Effective 27th February 2023, for all Merchant EMI foreclosures, interest accrued during the period between the last Statement Date & the Foreclosure Request Date will also be added to the Foreclosure charges. This interest will be over & above the foreclosure fee of 3% on the principal outstanding on pro-rata basis, plus applicable taxes.
I'm having a weird issue with SBI card. Purchased something costs 7090 in 6 month no cost EMI. Today bill is generated in SBI card. I can see 6758 is charged fully in my card (Cost - no cost discount). No EMI split is done or showing in cards app.
Am I the lucky one here or they will screw me later on?
Am I the lucky one here or they will screw me later on?
Spoderman
TF Buzz
You're not lucky but I would say unlucky instead. Same thing has happened with me which is why I'm looking at various threads. I purchase a tv on no cost emi on 7th and my bill got generated on 9th, before that transaction was converted to emi. Now the full amount has come in my statement as total amount due instead of the emi. I just received an sms that transaction has now been converted. I contacted sbi to cancel the emi but they said the same thing as in this thread. I have to cancel the order and get refund from amazon to be able to cancel this emi, otherwise I'll be charged for forecloseure. They are asking to pay minimum amount due which will be adjusted in the next month. I am unsure about this because I've never done that before. Can someone confirm the real consequences of paying minimum amount due? Will it be adjusted next month?
Wouldn't they be crediting back the full amount to your CC this month? That should count against payment for last month, no?
Spoderman
TF Buzz
No, I've called their customer care 3 times already and none of the executives said anything about this. They're saying that the emi will start from next month statement and I have to atleast pay minimum amount due this month to avoid any issue.
Check you unbilled transactions if you have a credit for the full amount. Also, check the outstanding, if it has reduced post EMI conversion.
This is a serious flaw in the system. Basically someone has to pay full amount in order to save cibil score crack and then take the credit of all the emi's and just pay the interest and gst amount per month.
I had a similar situation with HDFC as well, I bought something on no cost emi just 2 days before bill generation. But they started the EMI very next day.
SBI card should remove private limited from their name, everything they do scream like public sector bank.
I had a similar situation with HDFC as well, I bought something on no cost emi just 2 days before bill generation. But they started the EMI very next day.
SBI card should remove private limited from their name, everything they do scream like public sector bank.
CARDiologist
TF Select
Same thing happened with me purchased a pair of earbuds worth INR 10K through Amazon NCEMI on 19 sep & bill generated on 24 sep as the full amount due (including the NCEMI discount).Now, it's almost a month do you think they will start the emi starting next month & I can't cancel the order now, cancellation period is over.
Spoderman
TF Buzz
Checked just now. I have a total of 3 transactions pertaining to this purchase. First one is debit, which is already billed in my current statement generated on 9th. Second one (credit for merchant emi booked) is credit and third one (transfer to merchant emi) is again debit. The last 2 transactions are under unbilled transactions. No change in outstanding. I don't think they are going to fix this on their end. Obviously the customer has to adjust.
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