No cost emi trick

[adilhusain]

Is No cost emi trick works on Indusland Credit cards?
Kindly reply

 

[DaDarkkNight]

This is not a trick per se. If you think this is a trick and bank isn't aware of it, you are mistaken. Even if one cancels the EMI, it doesn't make any difference to the bank, in fact bank would prefer the cancellation since they get the whole lumpsum amount in one go and hence the banks can generate more early returns from that money.
On the other hand, if we had opted and continued with the no-cost emi month-by-month basis and not cancelling the EMI, you could have generated higher returns by investing that lump amount instead of cancellation. Assuming you generate 10% returns, that is approx. the same amount which you could have saved by cancelling the emi and availing interest discount. It's a win-win situation at the end of the day.

 

[adilhusain]

This is not a trick per se. If you think this is a trick and bank isn't aware of it, you are mistaken. Even if one cancels the EMI, it doesn't make any difference to the bank, in fact bank would prefer the cancellation since they get the whole lumpsum amount in one go and hence the banks can generate more early returns from that money.
On the other hand, if we had opted and continued with the no-cost emi month-by-month basis and not cancelling the EMI, you could have generated higher returns by investing that lump amount instead of cancellation. Assuming you generate 10% returns, that is approx. the same amount which you could have saved by cancelling the emi and availing interest discount. It's a win-win situation at the end of the day.

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No-Cost EMI Cancellation Guide compiled for all banks

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 the EMI conversion, mail them at crm@bobfinancial.com
Charges - 199 + 35
Tip - Request for Cancellation as soon as the transaction is converted to EMI as INTEREST is charged on a 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 an EMI transaction on HDFC cc if your billing date is within 7 days coz if first EMI is billed, then the processing fee is not Reversed.
Tip 2 - After EMI Cancellation, HDFC asks us to pay outstanding within 24 hours but if not done there are also no issues.

There is a update over this now Hdfc bank is charging 3% + 18% gst on cancellation on EMI.

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.

7. Indusland

Call the CC after emi conversion..
Zero cancellation charges..
Processing fee will be refunded.
Not sure about gst.

7. Yes

Flat 4% +18% gst on emi cancellation.

8. Idfc credit card

3%+18% gst on emi cancellation.

 

[Immortal2900]

I am going to purchase a product using HDFC DEBIT NO COST EMI, can I save the interest as in Credit card emi by prepaying all amount.