https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9760762
This trick works in offline also?
No cost EMI Cancellation Guide.
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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 EMI conversion, mail them at crm at bobfinancial dot com
Charges - 199 + 35
Tip - Request for Cancellation as soon as transaction converted to EMI as INTREST is charged on 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 EMI transaction on HDFC cc if your billing date is within 7 days coz if first EMI is billed, then processing fee is not Reversed.
Tip 2 - After EMI Cancellation, HDFC ask us to pay outstanding within 24 hours but if not done there is also no issues. ( self tested )
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.
Suggestions are welcome.
You may add more banks in Comments, i will add in main thread.
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9760807
BoB doesn't charge foreclosure charges? Customer care guys said there are foreclosure charges and no such thing as cancellation. Just placed my order using BoB card, so I'm looking for information on this.
And Axis did not reverse GST and processing fee in my last transaction. But I do remember they have done so for my past transactions.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9760828
Email from BOB
In reference to your trail mail, we wish to inform you that, as per your request we have cancelled your EMI transaction amount of Rs. 8,749.08/- The amount due on your card will be informed in next month statement. There are no pre-closure charges levied against pre-purchase EMI.
Axis always reverse if cancelled within 30 days.
View 5
more replies
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9761496
Whoh😲 did not know axis allowed emi cancellation without penalties.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9762014
VU
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9762509
Nice
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9763400
If EMI is cancelled, do we still get the rewards points on credit cards as it becomes a normal transaction?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9763627
Tell for idfc , RBL,au bank
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_10197277
IDFC definitely doesn't cancel without penalties. Same for OneCard.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9763651
Tell for RBL,au,pnb, idfc ,yes
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9763976
paid 5/9 instalment.now i want to cancel nocost emi.
is there any charge?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9764008
Yes pre closure charges.
Generally 3% of outstanding balance
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9764678
Thank you for this information. Closed my HDFC tata neu credit card no cost emi. My first emi was due on 01 Jan 2024, so will I receive tata neu coins for this transaction?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9765520
Probably no.
View 6
more replies
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9764757
Upvoted. Thanks for the Tips.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9765083
in SBI card app we can cancel EMI i think so but not sure abt charges.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9765348
Its only now a matter of time when banks see this and stop it.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9765693
Great one
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9766940
ONE CARD is worst in EMI Cancellation.
They wont cancel EMI until 1st EMI is updated in statement.
When you call them again after 4-5 days, they wont reverse Interest charged on 1st EMI+ Processing Fees + GST
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9998781
Yes very careful with one card.
They don't wait to post 1st EMI
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9805946
Any information on yes bank emi cancellation?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9827009
@Rajrox @P_A_N_K_A_J I had Placed Order of S24 Ultra on Flipkart with No Cost EMI but after 2 hours cancelled the same. Will trxn be converted to EMI? How much will be the charges?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9827546
No it won't be converted if order cancelled.
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9837918
Do we get rewards/cashback for cancelled emi?
Mainly SBI & axis?
In SBI I mean it's getting cancelled before conversation itself
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9847687
SBI ncemi -- anybody tried it recently after paying the full outstanding and not converted to emi? still Working?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_10404538
Please let me know, any updates or any knowledgable person can help ?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9849161
@Rajrox Does this work with Citibank credit cards EMI cancellation as well?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9851938
for HDFC you have to pay within one day or next statement due date?
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9854158
how do we know emi conversion started? thru statement? sorry, have not done any emi b4.
🏻
https://www.desidime.com/discussions/no-cost-emi-cancellation-guide?page=1#post_9863086
Can anyone please confirm is this icici no cost emi trick still working ?
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This trick works in offline also?
Yes. I tried Axis ace and HDFC Tataneu infinity. All charges reversed and reward points are given too
ONE CARD is worst in EMI Cancellation.
They wont cancel EMI until 1st EMI is updated in statement.
When you call them again after 4-5 days, they wont reverse Interest charged on 1st EMI+ Processing Fees + GST
Federal banks charges a whooping 1% as a processing fee, and a 3% foreclosure fee... Had done a 1L NC-EMI transaction, got charged 1K just as processing fees itself... Other banks in general charge some 199 or so which is fixed, but for Federal it's 99 or 1%, whichever is higher XD