Hey all, I recently bought a TV and had to opt for Merchant EMI for instant discount.
As per the terms, its a 3 month EMI and the interest amount will be credited back after completion of the EMI payment.
Here are my questions
1. If I cancel the Merchant EMI after it is processed will I get reward points?
2. Any chance of getting the cashback even after the EMI cancellation ?
Thanks
Q1.
Transactions that are converted to EMI do not earn EDGE Miles / reward points. If you had already gotten some points for a transaction, they will be debited later once the transaction is converted to EMI.
On cancellation of an EMI transaction, the reward points or EDGE Miles that might have been credited will not be reversed back for that original spend. In other words, you lose the points.
Now for Q2..
You can cancel an EMI conversion, but there are time limits: usually “within 15 days from the date of EMI conversion” by calling Axis Bank Customer Care. If before first EMI is billed, many charges/reversals may happen.
After that 15 days, or once the first EMI is billed, then foreclosure / cancellation will involve charges: bank processing fees and foreclosure fees (3% of outstanding principal + GST) will apply.
If you had availed of an instant discount or cashback as part of the EMI offer, cancellation is treated more strictly: foreclosure charges etc. will apply; not all discounts might be reversed, but costs are levied.
If you had gotten an instant discount (or interest “cashback” / waiver) as part of the EMI offer, and then you cancel the EMI, that discount may be reversed or cause foreclosure charges.
Hope this helps.
Mark as a solution if it helps.
