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No Cost EMI Explained: Is No Cost EMI Actually Free?

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4uziaul said:
The only valid and logical reason I can think of is that since the transaction was settled today, they are probably not getting the option to cancel it immediately, and that's why they are asking for 2-3 days' time. So, what you can do is try calling them again tomorrow and check their response.
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Thanks a lot, I'll try tomorrow evening and then around 5pm total 24 hrs after settlement and will try the same from mycards and will see if it goes somewhere.
One interesting thing though while I was calling bank one of the customer agent told me that I can pre-close only but if I'll allow him he can cancel it by giving some reason and I'll be only paying 35rs extra as he's cancelling and not pre-closing. Call got disconnecting after he said I'm going to cancel it rn
 
whoanuragbhardwaj said:
Thanks a lot, I'll try tomorrow evening and then around 5pm total 24 hrs after settlement and will try the same from mycards and will see if it goes somewhere.
One interesting thing though while I was calling bank one of the customer agent told me that I can pre-close only but if I'll allow him he can cancel it by giving some reason and I'll be only paying 35rs extra as he's cancelling and not pre-closing. Call got disconnecting after he said I'm going to cancel it rn
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Try calling them again right now and see what their response is. Even if they charge you ₹35, it's still a good amount of savings for you.
 
4uziaul said:
Try calling them again right now and see what their response is. Even if they charge you ₹35, it's still a good amount of savings for you.
Click to expand...
Hi, I called them. Here's the information.
I wanted to pre-closure and bank executive told me that someone already raised a cancellation request for your loan but it'll be completed by 24th i.e After Bill generation and I've to pay my first EMI and this request can't be stopped. He asked if the product is cancelled ? I said no he confirmed but already request is placed and don't worry pay your first EMI as scheduled on 20th and rest of your bill and on 24th the request will be completed and then you've to pay 44782 ( whole amount ) and the EMI you'll be paying will be reversed including all charges except 18% GST ( 35 rs ). Asked for confirmation and he said it's 100%

Tl;DR
1.) Cancellation request is raised already even though call was disconnected
2,.) Had to Pay my EMI as per date
3.) EMI will be cancelled on 24th
4.) Need to pay whole amount within 24 hrs ( Will receive mail and call )
5.) EMI will be reversed including charges
Now, Does it seems genuine to you or I'll be tricked by BANK into paying emi and get it billed ?
 
whoanuragbhardwaj said:
Hi, I called them. Here's the information.
I wanted to pre-closure and bank executive told me that someone already raised a cancellation request for your loan but it'll be completed by 24th i.e After Bill generation and I've to pay my first EMI and this request can't be stopped. He asked if the product is cancelled ? I said no he confirmed but already request is placed and don't worry pay your first EMI as scheduled on 20th and rest of your bill and on 24th the request will be completed and then you've to pay 44782 ( whole amount ) and the EMI you'll be paying will be reversed including all charges except 18% GST ( 35 rs ). Asked for confirmation and he said it's 100%

Tl;DR
1.) Cancellation request is raised already even though call was disconnected
2,.) Had to Pay my EMI as per date
3.) EMI will be cancelled on 24th
4.) Need to pay whole amount within 24 hrs ( Will receive mail and call )
5.) EMI will be reversed including charges
Now, Does it seems genuine to you or I'll be tricked by BANK into paying emi and get it billed ?
Click to expand...
It's genuine; you can safely go ahead and make the payment. If you still feel wary even after making the payment, you can call them again and record the entire conversation, but only do so if you don't trust them. 🤣
 
4uziaul said:
It's genuine; you can safely go ahead and make the payment. If you still feel wary even after making the payment, you can call them again and record the entire conversation, but only do so if you don't trust them. 🤣
Click to expand...
Will call them for sure tomorrow to see if another executive says the same thing as everyone saying a different thing like the one earlier told about doing it on 21 and this one said can't do it because the cancel request is there. Nice suggestion to record it's HDFC
 
4uziaul said:
It's genuine; you can safely go ahead and make the payment. If you still feel wary even after making the payment, you can call them again and record the entire conversation, but only do so if you don't trust them. 🤣
Click to expand...
Update : Recieved call from HDFC branch as I had raised a complaint ( even I don't remember ) they confirmed EMI is cancelled and will be reflected in 24 hrs.
1.) There's no EMI shown under Linked EMI's on mycards
2.) HDFC App still shows EMI tenure with all payment schedule
3.) 199 rs is deducted just after the call
4.) I'm being told to pay after bill generation only which is 20th again i.e Today
5.) Told me to pay all 56K o/s and whatever the charges and all be adjusted in next bill
6.) Confirmed on mycards again and there is not linked EMI's
Should I pay right now or after tomorrow only as BILL generation date is today
 
whoanuragbhardwaj said:
Update : Recieved call from HDFC branch as I had raised a complaint ( even I don't remember ) they confirmed EMI is cancelled and will be reflected in 24 hrs.
1.) There's no EMI shown under Linked EMI's on mycards
2.) HDFC App still shows EMI tenure with all payment schedule
3.) 199 rs is deducted just after the call
4.) I'm being told to pay after bill generation only which is 20th again i.e Today
5.) Told me to pay all 56K o/s and whatever the charges and all be adjusted in next bill
6.) Confirmed on mycards again and there is not linked EMI's
Should I pay right now or after tomorrow only as BILL generation date is today
Click to expand...
Make sure to pay it within 24 hours.
 
whoanuragbhardwaj said:
Actually, My total outstanding consists of this purchase plus 7K I used over the month. This is product price 44786.88 at merchant and my total O/S is Total Debits : 58141.49
Click to expand...
If its going to be added in upcoming statment then better pay atleast this time the whole outstanding to make your outstanding on current to zero.There after use it normally.
 
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