A Guide to SBI Credit Card NO COST EMI Cancellation and Foreclosure

A Guide to SBI Credit Card NO COST EMI Cancellation

1) Transact using the highest tenure of no cost emi to avail maximum interest discount instantly at checkout

2) Kindly clear the total outstanding (billed statement amount+unbilled and unsettled transaction amount) of the card and make credit limit 100% available. If any emi is already running, that principal do not need to be clear as it will be coming in future monthly statement and will not a part of retail balance.

Example: Meaning of "Retail Balance"

Suppose there is 0 outstanding on account.

Transaction of Rs 20000 (EMI based) (Unsettled Txn) is done.

So here, retail balance is Rs 0. Once txn gets settled, retail balance comes to 20k, so emi can be generated.

But to skip memi conversion, complete Rs 20000 needs to be paid instantly so that txn settlement and payment settlement can happen at same time or payment can settle early and system should not show 20k in retail balance.

Same day transaction settlement never happens in 99.99% cases if done in morning or later.

Payments made via SBI Yono App for those have have SBI account or payment made through paynet pay through any bank account will get settle same day if made before 4pm. Post 4pm will take 1 more day to get settle.

3) EMI rejection confirmation can take from 1-3 weeks, you'll be notified through sms.

4) If new transaction needs to be done, kindly pay off the amount instantly till the time you dont get emi rejection confirmation.

Foreclosure and Cancellation both are different things.

1) Foreclosure refers to prepaying the emi as you have got sufficient funds to pay in 1 shot. This will attract 3% foreclosure charges on remaining principal amount + gst on 3% foreclosure amount. Also accrued interest+gst will get levied from last statement generation date or emi conversion date(if its an unbilled transaction) till the date you are foreclosing it.

2) Cancellation refers to cancelling the emi and it may happen due to multiple reasons like transaction cancellation or product issue and refund or services may not rendered and txn amount got refunded. In cancellation, all charges are reversed like processing fee, emi interest+gst levied if any. But there are some conditions for cancellation of emi in SBI Card.

a) A transaction emi can be cancelled, if transaction amount is fully refund received within 45 days from transaction date.

b) A transaction emi can be cancelled, if transaction amount is partially refund received within 45 days from transaction date. Partial refund should be minimum 95% of transaction amount or more. Refund can come in multiple parts are also considered for emi cancellation. If refund receives lesser than 95% of txn amount, it will not be cancelled and only be foreclosed.

c) A transaction emi can be cancelled if transaction amount is fully/partially refund received post 45 days from transaction date and with partial refund should be minimum 95% of transaction amount or more. In such cases, kindly approach nodal/ceo desk or other escalation channels as internally they will take approval and then they process for emi cancellation.

If still have any doubt, kindly comment. Will answer all your queries related to SBI Card emi.