Query- HDFC EMI Pre-Closure

[22sumit]

So I ordered a phone from Amazon on EMI and got Rs 750 extra discount on same for using a 6 months emi service.
Since the EMI was done via merchant portal so I don't have option of cancelling it (as per cc) and only pre-closure is allowed.
I got additional nominal charges as below:

-Loan O/s: 15994.36
- 3% Pre-Closure Charges: Rs. 0

- Pro-rata Interest Rs. 42.65
- GST: 7.68
Total Loan amount to pay: Rs. 16044.69

The cc executive asked to pay this amount within 24-48 hrs after pre-closure.

As some of the members are already expert and have gone through this earlier, it would be really helpful if someone can address my doubts.
1. Will they be charging processing fees of Rs 199+gst on top of it later?
2. I already have an outstanding amt since my last bill was generated, so will paying Rs. 16044.69 will get adjusted towards the already generated bill amount or this emi. How will the system distinguish this?
3. Any other tips to avoid any extra charges.

 

[sam4]

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?

 

[bhardwaj001]

clearing all doubts ...after multiple discussion with customer care ...correct me if anybody has different version
1) there are two types of emi with HDFC first offus emi and merchant emi you have to confirm this from my card linked emi .
2) for Offus emi even after order gets cancelled emi will follow you have to cancel it by calling customer care
3) For merchant emi it will be cancelled automatically if order gets cancelled .
4) You cant cancel merchant emi (if it is mentioned merchant emi it will be shown as MER EMI) (for maximum cases it is MER emi ) , only option is forclose (through my card or calling) it after 2 days of emi generation , you can cancel offus emi only if refund arises from merchant side otherwise have to foreclose it , customer care will not cancel saying you have to foreclose it.(this is sad)
5) For forclosure prorata interest (from last statment generation date )need to be paid , still dnt have clarity emi fee reversal in some cases it reversed in some not but official instance is it will be charged some one please guide me in that point.Pro rata interest rate is only shown it never gets charged so dnt worry about it .
6)for forclosure full amount+interest need to be paid in 24 hours officially but you can ignore it will be adjusted in bill but offically you have to pay it as you get mail and bank may charge you if you are unlucky in my case i never paid .

correct me in points if you faced other than that mentioned above recently (Not for older orders )

 

[Rohith-2009]

I paid for the order yesterday. If i cancel or foreclose the EMI before 3rd day, will i get 1% or 5% or no reward points on my millennia?

 

[Rohith-2009]

I paid for the order yesterday. If i cancel or foreclose the EMI before 3rd day, will i get 1% or 5% or no reward points on my millennia?

For this transaction, i got 5% reward points on my millennia. I think HDFC now charging pre closure charges

 

[Deepak_Shetty]

For this transaction, i got 5% reward points on my millennia. I think HDFC now charging pre closure charges

I have cleared all dues and My EMI conversion is pending. Lets see, what will happen?

 

[Rohith-2009]

I have cleared all dues and My EMI conversion is pending. Lets see, what will happen?

Are you going to cancel it?

 

[Deepak_Shetty]

Are you going to cancel it?

Y e s.

 

[Rohith-2009]

Y e s.

Okay. I think you need to check

 

[IKFLRT]

Y e s.

Are they charging 3% foreclosure fee? Do you see it in mycards?

 

[Deepak_Shetty]

Are they charging 3% foreclosure fee? Do you see it in mycards?

EMI will be activated even if you do advance payment/or kept due zero. My EMI has been activated today only. We can't close EMI on the same date. I will foreclose EMI tomorrow.
My loan amount is 31964 Rs and I have to pay pro rota interest 85.24 Rs and GST 15.34 Rs. Screenshot attached.
My current outstanding is negative/made excess payment.

 

[IKFLRT]

EMI will be activated even if you do advance payment/or kept due zero. My EMI has been activated today only. We can't close EMI on the same date. I will foreclose EMI tomorrow.
My loan amount is 31964 Rs and I have to pay pro rota interest 85.24 Rs and GST 15.34 Rs. Screenshot attached.
My current outstanding is negative/made excess payment.

Thanks!! really appreciate it.

I believe if we foreclose the EMI, the total payable amount needs to be paid in next 24 hours? We cannot wait for statement generation as it'll invite more charges?

 

[Deepak_Shetty]

Thanks!! really appreciate it.

I believe if we foreclose the EMI, the total payable amount needs to be paid in next 24 hours? We cannot wait for statement generation as it'll invite more charges?

Few people have reported that they did payment on normal statement due date and there was no additional charges. But I did payment before EMI conversion.

 

[Rohith-2009]

EMI will be activated even if you do advance payment/or kept due zero. My EMI has been activated today only. We can't close EMI on the same date. I will foreclose EMI tomorrow.
My loan amount is 31964 Rs and I have to pay pro rota interest 85.24 Rs and GST 15.34 Rs. Screenshot attached.
My current outstanding is negative/made excess payment.

Check this

Thread 'HDFC Asking charges for no cost emi closure' https://www.technofino.in/community/threads/hdfc-asking-charges-for-no-cost-emi-closure.29055/

 

[Deepak_Shetty]

Check this

Thread 'HDFC Asking charges for no cost emi closure' https://www.technofino.in/community/threads/hdfc-asking-charges-for-no-cost-emi-closure.29055/

Saw that post yesterday. Currently it is not showing any foreclosure charges, but not allowing to foreclose EMI. Screenshot attached.

 

[IKFLRT]

Saw that post yesterday. Currently it is not showing any foreclosure charges, but not allowing to foreclose EMI. Screenshot attached.

Please, do keep us posted.

 

[navdeep22]

yeah

differs bank to bank.

axis wont refund

kotak will refund.

Does anyone have compilation list. So that we can get discount on merchant emi only if emi giving better discount than full payment.

HDFC and IDFC charges 3% foreclosure fee and processing, gst, interest extra

Icici doesn't charge anything if we fore close immediately

 

[SSV]

Does anyone have compilation list. So that we can get discount on merchant emi only if emi giving better discount than full payment.

HDFC and IDFC charges 3% foreclosure fee and processing, gst, interest extra

Icici doesn't charge anything if we fore close immediately

Thumb rule:
Opt for maximum allowed EMI term ie. 18 m onths or 24 months
You get maximum upfront discount. and then close it in 1 or two months later, you will still be in profit..

No one can give you the entire compiled list ( it changes all the time).

Search for my previous posts in this subject, you will find how I did it..

 

[navdeep22]

Yeah thanks man, will it be better to choose
6 month no cost emi or 12-18 month with cost emi

 

[Rohith-2009]

Yeah thanks man, will it be better to choose
6 month no cost emi or 12-18 month with cost emi

No cost EMI will give discount

 

[Deepak_Shetty]

Please, do keep us posted.

Update : Closed EMI, no foreclosure charges. Screenshots attached.
EMI cancellations or any other services will not be available between 12:00 am to 04:00 am everyday. I tried exactly at 04:00 am today.
I have a doubt. As I already paid all dues before EMI conversion, is it required to pay EMI amount again? I can pay again if required as excess amount can be withdraw to our bank account anytime later.