Why IndusInd is so desperate for EMI Conversion?

[Chaitanya-a]

I literally get atleast 10 messages daily via SMS and Email from IndusInd to convert my purchase into EMIs.

Never seen any other bank being so desperate for EMIs. Frequency is so much so that it is sufficient to irritate even a patient person.

 

[Chaitanya-a]

But on no cost emi where interest amount is refunded by the company? Processing fee is also not that huge that would make money from them.
Infact they charge gst on the interest component which is an unnecessary expense for customers. For me processing fee and gst on interest costed me 1500 which eventually got my 6000 cash back as 4500 which is still not a bad deal
Are you sure there are 10% people who miss their payments

Yeah No-Cost EMI where Cashback (after cutting gst & processing fee) is higher than or equal to full payment offer is beneficial. But we're bounded for that particular time. If someone is okay with that, they can get higher cashback. For me, mental peace comes first.

Yes I've read in some article that 10-12% people miss their payments. And that is how our banks are surviving afterall.

 

[CARDBITRAGE]

ICICI calls me after almost every single eligible EMI transaction. AND IT IS SO FREAKING ANNOYING! 😒

 

[Chaitanya-a]

ICICI calls me after almost every single eligible EMI transaction. AND IT IS SO FREAKING ANNOYING! 😒

Is it? I never get spam calls from ICICI. Not even mails and SMSs.

 

[pprakash11]

HDFC EMI conversion emails are now on leak on my inbox.

 

[Chaitanya-a]

@Chaitanya-a

RBL Cares !! 🤣🤣🤣🤣🤣🤣

Are they reading our chat 😂

 

[pprakash11]

Are they reading our chat 😂

seems like. 🤣

 

[SiddharthR]

I literally get atleast 10 messages daily via SMS and Email from IndusInd to convert my purchase into EMIs.

Never seen any other bank being so desperate for EMIs. Frequency is so much so that it is sufficient to irritate even a patient person.

View attachment 12624

I had thought SBI is number 1 in this,
Lekin IndusInd is on another level 🤣

 

[SiddharthR]

Off-topic, but what's this

SBI Gyftr Spring Summer Sale 2023

SBI is running Spring Summer Sale and providing up to 50% off on select vouchers from the 21st to the 31st of March 2023. LINK - https://www.gyftr.com/sbicard Grab them as the clock strikes 12!

www.technofino.in

 

[Chaitanya-a]

Off-topic, but what's this

SBI Gyftr Spring Summer Sale 2023

SBI is running Spring Summer Sale and providing up to 50% off on select vouchers from the 21st to the 31st of March 2023. LINK - https://www.gyftr.com/sbicard Grab them as the clock strikes 12!

www.technofino.in

Gyftr itna vella h kya😂

 

[pprakash11]

Off-topic, but what's this

SBI Gyftr Spring Summer Sale 2023

SBI is running Spring Summer Sale and providing up to 50% off on select vouchers from the 21st to the 31st of March 2023. LINK - https://www.gyftr.com/sbicard Grab them as the clock strikes 12!

www.technofino.in

That's a useless sale, in which Apay Gift card is not available. 😂🤭

 

[SiddharthR]

That's a useless sale, in which Apay Gift card is not available. 😂🤭

It was about YONO Gyftr's normal 2% discount

 

[Chaitanya-a]

That's a useless sale, in which Apay Gift card is not available. 😂🤭

Click on the link and see the magic

 

[pprakash11]

Who the hell is Gyftrhelp 😂😂

 

[gabu]

But on no cost emi where interest amount is refunded by the company? Processing fee is also not that huge that would make money from them.
Infact they charge gst on the interest component which is an unnecessary expense for customers. For me processing fee and gst on interest costed me 1500 which eventually got my 6000 cash back as 4500 which is still not a bad deal
Are you sure there are 10% people who miss their payments

Emi txn increase interest earned component on bank balance sheet even if they pay cashback because that cashback comes from promotional part of bank balance sheet(all about cooking the books).
Also even if no cost emi, bank get full interest payment from manufacturer or seller indirectly as we get upfront discount but still pay full interest with gst every month.

 

[CARDBITRAGE]

Is it? I never get spam calls from ICICI. Not even mails and SMSs.

Lucky you. The idiots at ICICI call me after I've settled my accounts also. Why would I want EMI after paying all my dues? 🤦‍♂️

 

[pprakash11]

@Chaitanya-a

Ye galiyan ye chaubara, yaha aana na dobara !! @RBLCares

 

[Chaitanya-a]

@Chaitanya-a

Ye galiyan ye chaubara, yaha aana na dobara !! @RBLCares

Bohot care krta h RBL🤣

 

[akshayhs]

 

[Chaitanya-a]

View attachment 12850

This is why I always deny notification permission for most of the apps😂

 

[maheshspanicker]

IndusInd would usually send SMSs though they would send a lot many more than other banks.
SBI would call you and would really be on your case. Even if you say you don't want to, you will be told its a special offer and they would want to know the reason why you are not availing the EMI offer!
HDFC's assault is usually through email!
Like IndusInd, Standard Chartered would absolutely bombard you with loan on card SMSs. They even send it at a standard, regular time, around 10: 05 AM every morning!
ICICI is the most decent in my experience. They would at times send you a message that you would get a call regarding offers and product and you can opt out if you want. But usually, nobody would call! And the occasional call would be about loan on card and you can tell them you don't need one at this stage and they are usually fine with that.