No Cost EMI - Cancellation - All Banks - Master Wiki

[Sudbht]

Can anyone confirm if HDFC NOCE is working recently without any charges?

 

[varkey]

Can anyone confirm if HDFC NOCE is working recently without any charges?

Same question here, the last time, even when it showed charges, they didn't actually charge it. I'm confused whether to go ahead with the MyCards cancellation.

 

[PayKaroAbhi]

I think he is asking about NOCE cancellation for Kotak Cards.

Exactly, didn't ask for application process. Need clarity on EMI cancellation process

 

[Sudbht]

Same question here, the last time, even when it showed charges, they didn't actually charge it. I'm confused whether to go ahead with the MyCards cancellation.

You have already running a NOCE? If yes please try oncr anyhow if you let it continue it won't be beneficial. Even if hdfc charges amount you will get some differences.

 

[varkey]

You have already running a NOCE? If yes please try oncr anyhow if you let it continue it won't be beneficial. Even if hdfc charges amount you will get some differences.

I did submit the request yesterday, the auto email showed the cancellation charge. This was the case when I cancelled in July 2024 as well, but there were no additional charges in the statement (other than GST on processing fee, interest from statement date till cancellation date, everything else was reversed).

I will report back in 1-2 days once the cancellation is posted in the statement.

 

[Sudbht]

I did submit the request yesterday, the auto email showed the cancellation charge. This was the case when I cancelled in July 2024 as well, but there were no additional charges in the statement (other than GST on processing fee, interest from statement date till cancellation date, everything else was reversed).

I will report back in 1-2 days once the cancellation is posted in the statement.

Nice. Keep me posted on the same.

 

[varkey]

Nice. Keep me posted on the same.

So the cancellation got posted today. They have refunded the processing fee (GST not reversed as before), and added 3% pre closure fee (plus GST I think, though it’s not added yet). They have not added an interim interest ie from statement date till cancellation date.

Even with the closure fee, I’m still net positive, but something to keep in mind.

 

[Sudbht]

So the cancellation got posted today. They have refunded the processing fee (GST not reversed as before), and added 3% pre closure fee (plus GST I think, though it’s not added yet). They have not added an interim interest ie from statement date till cancellation date.

Even with the closure fee, I’m still net positive, but something to keep in mind.

So 3% charges on emi cancelation from now onwards on HDFC. They already added the pre closure fee right?

 

[varkey]

So 3% charges on emi cancelation from now onwards on HDFC. They already added the pre closure fee right?

Appears so. Yes, the 3% fee does show up on the statement.

 

[Sudbht]

Appears so. Yes, the 3% fee does show up on the statement.

Okay. Thanks for checking. But you might get rewards on this transaction.

 

[imdjay]

Appears so. Yes, the 3% fee does show up on the statement.

Hey, @varkey Did you get the RP for this txn?

And when you say 3%, is it on the full amount? Can you give me a rough idea of this?
I am considering doing a TXN on Flipkart for ~1L and getting 1750rs. extra discount. If the charges are the same or more, it doesn't make sense to use HDFC, but if I get RP, then maybe I can use Infinia.

 

[varkey]

Hey, @varkey Did you get the RP for this txn?

And when you say 3%, is it on the full amount? Can you give me a rough idea of this?
I am considering doing a TXN on Flipkart for ~1L and getting 1750rs. extra discount. If the charges are the same or more, it doesn't make sense to use HDFC, but if I get RP, then maybe I can use Infinia.

No reward points, I've never got RP for EMI cancellations unfortunately.

3% of the amount charged to the card (after all discounts including the NCEMI discount) + GST ie 3.54%.

 

[helloworld]

Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Feel free to modify or add additional bank details.

1. ICICI
After EMI conversion, Request customer care to Cancel EMI. Immediate Cancellation.

Cancel within 15 days.

No charges, Processing fee reversed.

2. Axis
Same as ICICI

Cancel with in 30 days.

No charges, Processing fee reversed.

3. BoB
After EMI conversion, mail them at crm at bobfinancial dot com

Charges - 199 + 35

Tip - Request for Cancellation as soon as transaction converted to EMI as INTREST is charged on daily basis.

4. SBI
Call CC and request.

Charges vary from 0 to 199 for processing fee + GST + 3.54% of outstanding Amount.

Trick - Make outstanding balance in your card 0 after transaction and before EMI conversion, in this case Transaction won't get converted to EMI.

5. HDFC
Login to mycards request for Cancellation from there.

Charges - only 35 rs. ( processing fee of 199 is reversed )

Tip 1 - Never make EMI transaction on HDFC cc if your billing date is within 7 days coz if first EMI is billed, then processing fee is not Reversed.

Tip 2 - After EMI Cancellation, HDFC ask us to pay outstanding within 24 hours but if not done there is also no issues. ( self tested )

HDFC, currently charging pre-clossure charges for canceling NCEMI transactions, before billing only.

But several users updated about this, in TF

*Might few people have exceptions.

6. Kotak
After EMI conversion, first pay the Principal amount in Card, then call cc for Cancellation.

Charges - All charges Reversed Except GST component.

Tip - Always select Highest time Duration of EMI to make the GST component small.

any latest updates to this list?

 

[imdjay]

No reward points, I've never got RP for EMI cancellations unfortunately.

3% of the amount charged to the card (after all discounts including the NCEMI discount) + GST ie 3.54%.

Thanks.

I also don't receive RP on ICICI cards for canceled EMIs.

I have ordered with Federal CC now and got a better discount.

 

[_ayush]

any latest updates to this list?

Read somewhere that sbi trick no longer works.

 

[PayKaroAbhi]

Can I cancel EMI two times in a month in Axis? I have ordered two electronics this month using the same Ace card 🙂

 

[RajeshV]

I made a purchase with SBI NC-EMI. I asked for it but forgot to check what was applied in the machine. I hadn’t noticed it at the store but I was charged the full invoice amount.

Now I called the store person and was told that SBI doesn’t charge interest rather than give a discount, so I’ll be charged the invoice amount divided by 6 for the next six months instead.

Is this true? Wasn’t there some RBI rule that mandates interest to be charged?