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.

 

[IKFLRT]

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 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.

Thank you for the update!

I had to cancel my order since I realised the seller who was selling my product has a history of providing faulty/used electronic products, particularly during sale period. Hope everything will be reversed once refund is processed from seller's end.

About your payment, please get in touch with the bank. Since you have already made the payment beforehand, only they can advise what needs to be done in this case.

 

[navdeep22]

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.

i always got pre closure charges on hdfc emi cancellation on credit card emi

 

[navdeep22]

No cost EMI will give discount

so should try max period of no cost emi . got it

 

[Aniket]

i always got pre closure charges on hdfc emi cancellation on credit card emi

Your Order date and Bill generation date?

 

[navdeep22]

Your Order date and Bill generation date?

total amount debited
total amount credited
processing fee
amount paid asked by cusotmer care for closing emi
GST on processing fee
preeclosure interest 12.01Rs
GST on preeclosure interest 2.16Rs
principle debited


bill generation date is far away, i dont thing there were pre closure charges right? though they did no refund processing fee

 

[navdeep22]

Your Order date and Bill generation date?

Can see forrle closeure charges on idfc first bank

 

[Aniket]

Can see forrle closeure charges on idfc first bank

It's of IDFC but not HDFC, discussion going on this is related to HDFC only.

 

[Aniket]

View attachment 62107
total amount debited
total amount credited
processing fee
amount paid asked by cusotmer care for closing emi
GST on processing fee
preeclosure interest 12.01Rs
GST on preeclosure interest 2.16Rs
principle debited


bill generation date is far away, i dont thing there were pre closure charges right? though they did no refund processing fee

Bro it's IDFC, every bank has their own sets of policy (t&cs).

 

[navdeep22]

Bro it's IDFC, every bank has their own sets of policy (t&cs).

bro i had discount on both cards, i should have used HDFC bank card 😢😢. i thought HDFC and IDFC both charges 3% closure fee

 

[navdeep22]

Bro it's IDFC, every bank has their own sets of policy (t&cs).

i googled it bro, where to find detailed document ?

 

[Aniket]

i googled it bro, where to find detailed document ?
View attachment 62118

There's no foreclosure charges/Pre close charge, if you request for cancellation timely. Post the date of transaction, request as soon as possible. Suppose the txn date is July 23 then request for EMI cancellation on July 24 or within 4 days post txn , make sure you bill generation dates is lil
farther.

 

[Aniket]

bro i had discount on both cards, i should have used HDFC bank card 😢😢. i thought HDFC and IDFC both charges 3% closure fee

Exact equal amount of discount was on both the cards?

 

[navdeep22]

Exact equal amount of discount was on both the cards?

yes 5%

are all merchant emi's easyemi?

afai remember whenever i called customer care they say, emi cannot be cancelled bcz emi hasnt started yet

 

[rakhi]

Still hdfc emi cancel trick works? Pls tel me

 

[crednoob]

If you request them to foreclose the loan, they will provide you with a timeframe of around 24-48 hours to settle the full amount. This payment won't be shown as a credit card due in the next generated statement.

If suppose tomorrow will be my emi generation date and today I apply for pre closure then tomorrow I have to pay the full amount?
And will I get the processing fee back?

 

[navdeep22]

If suppose tomorrow will be my emi generation date and today I apply for pre closure then tomorrow I have to pay the full amount?
And will I get the processing fee back?

In don't think you are going to get 200/300 processing fee back. And yes you have to pay full amount within 24 hours after closing emi

 

[Robin Thakral]

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 all EMI order either(forclosed as well), you will earn 1% rewards in the calendar month for the respective EMI /full amount paid.

 

[Robin Thakral]

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.

But i have seen they don't reverse the EMI processing fee + GST, so you have to bear that expense as well !!
Right??

 

[Deepak_Shetty]

But i have seen they don't reverse the EMI processing fee + GST, so you have to bear that expense as well !!
Right??

They will reverse processing fee after few days, not GST.

 

[Rohith-2009]

For all EMI order either(forclosed as well), you will earn 1% rewards in the calendar month for the respective EMI /full amount paid.

But I received 5% cb