Inquiry on ICICI Credit Card EMI Cancellation and Related Charges

[darjeeronak]

I have a question. I am purchasing a product close to 1 Lac on ICICI CC Low Cost EMI, and there is a 14k discount (Discount = 5K + Product Instant Discount = 9K). However, it is at 15.99% p.a. with a 12-month tenure.

If I call customer care and ask them to cancel my EMI within 15 days, will they cancel it? As I read on the ICICI website: "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." Can someone guide me if this EMI can be cancelled in the first place?

Also, if I cancel after 17 days, will I have to pay the foreclosure charges equal to 3% of the outstanding principal amount (3K approx for a 1 Lac item) plus next month’s interest (1K INR approx) only, and will my discount of 14k still stay?

 

[sauravkumar]

I have a question. I am purchasing a product close to 1 Lac on ICICI CC Low Cost EMI, and there is a 14k discount (Discount = 5K + Product Instant Discount = 9K). However, it is at 15.99% p.a. with a 12-month tenure.

If I call customer care and ask them to cancel my EMI within 15 days, will they cancel it? As I read on the ICICI website: "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." Can someone guide me if this EMI can be cancelled in the first place?

Also, if I cancel after 17 days, will I have to pay the foreclosure charges equal to 3% of the outstanding principal amount (3K approx for a 1 Lac item) plus next month’s interest (1K INR approx) only, and will my discount of 14k still stay?

Just call them after 2-3 days of purchase once your transaction is converted to EMI.

Ask them to cancel the EMI... They will do it... No issues ..😀😀

Note: It's already discussed multiple times in this forum.

 

[darjeeronak]

@sauravkumar : What about 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."

 

[sauravkumar]

@sauravkumar : What about 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."

Standard Disclaimer.😤😤

I just bought HP Printer on EMI discount last week and cancelled the EMI. Everything is settled... It was very smooth. (BTW you can search the thread if you know about the Printer which I bought 😁😁)