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No cost EMI on SBI credit card

emiya007

TF Neo
Hi. I know that on HDFC, ICICI and some other credit cards you can cancel the no cost EMI and save on interest payments without paying foreclosure charges.
SBI charges 3% foreclosure charges if you close the EMI later.
However, I read in another thread here that you can cancel the EMI by paying the full amount and so will not be charged the foreclosure charges. Could somebody guide me how to do so?
 
Hi. I know that on HDFC, ICICI and some other credit cards you can cancel the no cost EMI and save on interest payments without paying foreclosure charges.
SBI charges 3% foreclosure charges if you close the EMI later.
However, I read in another thread here that you can cancel the EMI by paying the full amount and so will not be charged the foreclosure charges. Could somebody guide me how to do so?
In 2022, I made a purchase on Flipkart and opted to convert it into a NO Cost EMI plan to avail of an extra discount, using my SBI credit card. Shortly after the transaction, I contacted customer service to inquire about the possibility of closing the EMI and paying the full amount in the next billing cycle.

However, I was informed that closing the EMI would incur a pre-closure charge. This information prompted me to reconsider my decision, and I ultimately opted not to proceed with the pre-closure.
 
In 2022, I made a purchase on Flipkart and opted to convert it into a NO Cost EMI plan to avail of an extra discount, using my SBI credit card. Shortly after the transaction, I contacted customer service to inquire about the possibility of closing the EMI and paying the full amount in the next billing cycle.

However, I was informed that closing the EMI would incur a pre-closure charge. This information prompted me to reconsider my decision, and I ultimately opted not to proceed with the pre-closure.
Which bank you tried to do ?
 
Hi. I know that on HDFC, ICICI and some other credit cards you can cancel the no cost EMI and save on interest payments without paying foreclosure charges.
SBI charges 3% foreclosure charges if you close the EMI later.
However, I read in another thread here that you can cancel the EMI by paying the full amount and so will not be charged the foreclosure charges. Could somebody guide me how to do so?
Previously it possible but now days it is not. I have tried to do this but they charged 3% foreclosure fee. even I have closed under 7 days from purchase. also paid 199+ gst as loan processing fee and intrest form the emi creation day +gst. From that day I only use my SBI credit card for direct discount. Dont try this you will regret.

you can also read on "Prepayment Process and Related Charges" section on given url

 
I know that this question has been asked before. Just trying to see if any person was successful with a new strategy. I ordered a product from Amazon using No Cost EMI which gave a Rs.2000 discount. My intention was never to use the EMI and cancel it as soon as possible.

With other banks like ICICI, HDFC & Axis, I call the customer care once the transaction is converted to EMI. I state that I wasn't aware of the GST charged on interest (it really isn't mentioned anywhere easily visible) and that I would like to pay it full instead of EMI. They would cancel all the charges and convert it back to a single debit.

But I think SBI doesn't do it as easily as other banks. From what I've heard, there's no way to freely cancel it without paying 3.54% charges. If anyone has come up with anyways, Please bestow upon us peasants with your knowledge.
 
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Pay immediately and keep the card unused till you get emi conversion failed message, usually ten days.
I tried that once with Kotak. The limit was 80k and I added 40k extra and made a no cost emi transaction worth 115k, the transaction went through. I immediately paid the rest amount and made the outstanding 0 and credit limit back to 80k.

I expected it won't be converted to EMI since my credit limit is much less than the transaction amount.

But Surprisingly, Kotak converted it to EMI and excess credit was made to the card.

I got the EMI Cancelled by raising a service request but the charges were not reversed. I am not sure whether processing fee was reversed but the gst on that fee and gst on interest was not reversed.
 
I tried that once with Kotak. The limit was 80k and I added 40k extra and made a no cost emi transaction worth 115k, the transaction went through. I immediately paid the rest amount and made the outstanding 0 and credit limit back to 80k.

I expected it won't be converted to EMI since my credit limit is much less than the transaction amount.

But Surprisingly, Kotak converted it to EMI and excess credit was made to the card.

I got the EMI Cancelled by raising a service request but the charges were not reversed. I am not sure whether processing fee was reversed but the gst on that fee and gst on interest was not reversed.
Different methods for different banks, above one is for SBI Only.
 
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