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No Cost Emi cancellation - Hdfc Debit card
- Thread starter EShopper
- Start date
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TF Prestige
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Well before* meaning?
What do you mean by well before here?
Did you cancel on the day of bill generation?
No, charges can't be reversed. Though you can request bank for reversal but it's on them if they refund it.
Well if u cancel urself , pro rata interest + GST is payable . If u ask CC to cancel and they say that EMI is going to be cancelled (not foreclosed like u did) , every penny will be reversed except the GST component of Processing fees which is Rs 36 .
That’s my experience in among 10-12 NCEMI cancellations which i have done on my HDFC CC .
How many days we need to wait before cancelling emi? I placed order today.
As soon as the EMI conversion happens . Usually it takes 3-4 working days !
CC said they cant cancel it. All they can do is preclose. For cancellation, I need to talk to merchant.
I ended up preclosing as they only charged 340 as pro rata interest and 62 as gst. If i had continued I would have paid 5.5k interest.
If I do HDFC emi transaction on last day of billing cycle what is the procedure of preclosure/cancellation of EMI? Is there any extra charges if preclose after statement generation? EMI conversion will be done mostly on 3rd or 4th day which will be in new billing cycle, So if any interest penalty applicable or not if closed immediately after emi conversion?
You can preclose from mycards or by calling CC if emi is on credit card. No extra charges afaik. Just pro rata interest.
My main concern is transaction and emi conversion date. Transaction if done today will be in this billing cycle and emi conversion will be in next billing cycle. As per previous comments on this thread its advisable to have both in the same billing cycle. So what if both in different billing cycle? Does it make preclosure with extra charges or its doesn't matter as far as preclosure done immediately after emi conversion?
Have you done any cancellation where emi conversion and transaction date is in different bill cycle?
If yes, is there any extra penalty/charges or not?
Even after paying some emi you can pre close by paying pro rata interest so I dont think it should matter.
Done in Axis , ICICI and Kotak . No charges whatsoever. Can’t say about SBI/HDFC !
Last month done 2 NCEMI transaction one each on SBI and HDFC card. HDFC on emi cancellation every charge got reversed except the GST on processing fee.
While SBI transaction was pre closed and not cancelled and hence preclosure charges plus interest levied was not reversed. SBI customer care is worst of all bank so no point in arguing over the waiver.
I paid in excess a day after the transaction date thinking emi conversion will not happen as excess credit on card. But this trick did not work. I should have paid in excess before/ immediately after the transaction.
My advice do not do NCEMI transaction on SBI card if you want to cancel it later. HDFC is best as per my experience.
While SBI transaction was pre closed and not cancelled and hence preclosure charges plus interest levied was not reversed. SBI customer care is worst of all bank so no point in arguing over the waiver.
I paid in excess a day after the transaction date thinking emi conversion will not happen as excess credit on card. But this trick did not work. I should have paid in excess before/ immediately after the transaction.
My advice do not do NCEMI transaction on SBI card if you want to cancel it later. HDFC is best as per my experience.
