IDFC first bank charges

[CC Enthu]

I have made few emi transactions with my idfc first bank credit card. Later I cancelled those as I wanted to make full payment. I was charged emi processing fee and GST (1% of amount+GST). While cancelling emi transactions, I was charged force closure fee and GST (3% of amount+GST). Usually icici and hdfc will refund emi processing fee and foreclosure charges are not levied if emi is cancelled within 5-10 days. These charges are exorbitant in IDFC credit card. Are there any RBI guidelines regarding same ?

 

[CardGame]

Because of ICICI and HDFC refunding the charges, your made up your mind that IDFC charges are exorbitant and you want to check with RBI guidelines? 😂

All banks have charges like these on paper but due to some reasons or bug there was no charges being posted in the statement so make use of it while it lasts. With the current volume of such txns, it will be patched soon by all of them.

 

[VISHESH_BANSAL]

I have made few emi transactions with my idfc first bank credit card. Later I cancelled those as I wanted to make full payment. I was charged emi processing fee and GST (1% of amount+GST). While cancelling emi transactions, I was charged force closure fee and GST (3% of amount+GST). Usually icici and hdfc will refund emi processing fee and foreclosure charges are not levied if emi is cancelled within 5-10 days. These charges are exorbitant in IDFC credit card. Are there any RBI guidelines regarding same ?

Cancelation and Foreclosure are two different terms.

IDFC Foreclosed the EMI and Hence Foreclosure charges are levied.

Every Bank Provide Foreclosure Option but
Every Bank Do not Provide Cancellation Option.

Charges are Fair and Legitimate as per MITC

If RBI starts issuing Guidelines not to charge customer a single penny, from where Bank will fund reward Points and Offers😂

 

[VasukiVasuki is verified member.]

I have made few emi transactions with my idfc first bank credit card. Later I cancelled those as I wanted to make full payment. I was charged emi processing fee and GST (1% of amount+GST). While cancelling emi transactions, I was charged force closure fee and GST (3% of amount+GST). Usually icici and hdfc will refund emi processing fee and foreclosure charges are not levied if emi is cancelled within 5-10 days. These charges are exorbitant in IDFC credit card. Are there any RBI guidelines regarding same ?

Axis is good in this regard .
They levy charges only when your 1st emi deducted.
Else they will cancel without giving back emi conversion charges.


But but but
If u have bought from any other website & choose emi there ..
No matter when u will be charged foreclosure fees ..
?


M i right??

 

[Aniket]

Because of ICICI and HDFC refunding the charges, your made up your mind that IDFC charges are exorbitant and you want to check with RBI guidelines? 😂

All banks have charges like these on paper but due to some reasons or bug there was no charges being posted in the statement so make use of it while it lasts. With the current volume of such txns, it will be patched soon by all of them.

Cancellation charges is not even on paper in case of ICICI, HDFC, SBI, Axis and others, if it is cancelled in stated time period of respective banks, if I can recall well.

But yes there's foreclosure charges with almost every banks.

 

[CardGame]

Cancellation charges is not even on paper in case of ICICI, HDFC, SBI, Axis and others, if it is cancelled is stated time period of respective banks, if I can recall well.

But yes there's foreclosure charges with almost every banks.

I didn't say cancellation charges. Just the overall extra charges including processing, foreclosure, etc is what I meant

 

[Aniket]

I didn't say cancellation charges. Just the overall extra charges including processing, foreclosure, etc is what I meant

After the cancellation of EMI as I said some bank have written policy to reverse the processing fees as well and that's good from the POV of customers. 😁

 

[Harry1]

Does the emi processing fee and interest rate varies on merchant emi and in app emi?

I see 249 fee and 16% interest rate in flipkart site. But idfc app says 99 fee (or 1%) and 18% interest rate. Which one would apply in actual if I do emi transaction on Flipkart?