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No cost EMI Cancellation Guide.

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Deal Cadet
Rajrox

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
Deal Cadet Deal Cadet
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This trick works in offline also?

Wingman Wingman
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Yes. I tried Axis ace and HDFC Tataneu infinity. All charges reversed and reward points are given too

Deal Cadet Deal Cadet
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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

Critic Critic
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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

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Deal Subedar Deal Subedar
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Fxxker Flipkart cancelled tv order on ncemi today and I already cancelled ncemi 2 days back ...what wub be implication?

Generous Generous
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Refund

Cool Cool
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How much time it will take to refund processing fees in HDFC?

Deal Cadet Deal Cadet
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Earlier this trick for sbi didn't work for me but this time it worked well. I was maintaining 0 outstanding

Deal Newbie Deal Newbie
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Can you explain the trick in simple.

We order something with NCEMI discount.
After ordering, we have to make outstanding balance of sbi cc to zero.

this is it?? or anything else?

When and how will I get the confirmation that trick has worked?
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Pro Entertainer Pro Entertainer
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Sbi worked. Made full payment as per the available due on BBPS portal within 24 hours, for some it worked even on next day.

Kotak also worked. Called and got it canceled. But they don't reverse gst on conversion charge and gst on first month EMI. Approx 150rs on 40K txn. It's fine.

HDFC worked too. Canceled from mycards, even though it showed interest, they didn't charge anything apart from gst on conversion charge which is mere 70rs approx.

Deal Cadet Deal Cadet
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Check DM, Help me please for SBI CC No cost emi

Deal Lieutenant Deal Lieutenant
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There is no information about how many NCEMI transactions were canceled!

Deal Cadet Deal Cadet
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Used SBI NCEMI on 26th September, paid the outstanding+purchase amount within 1hr from purchase via SBIUNIPAY and made total balance as -29. Didn't use card after that. Today received message of NCEMI cancellation.

Cool Cool
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Was any processing fee or GST charged? What about reward points?

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Deal Cadet Deal Cadet
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Can we cancel HDFC no cost emi after delivery

Deal Cadet Deal Cadet
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yes once EMI is generated.
View 9 more replies
Deal Newbie Deal Newbie
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Is it possible to cancel the No Cost EMI with RBL Bank, similar to how it works with ICICI, HDFC, and Axis banks? In those banks, after cancelling the EMI, we can avail the upfront discount.

Can the same be done with RBL Credit Card?


Deal Newbie Deal Newbie
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Can anyone please confirm if it's still working with axis cards? and when was it done.

Deal Cadet Deal Cadet
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I tried SBI ncemi trick. I did pay the amount and made the outstanding 0, but still I received the message about emi generation today. I bought a TV on Amazon at ≈32k fyi. 

Can anyone guide me further? Should I get it cancelled by customer care? How much will be the charges?

Savings Mentor Savings Mentor
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After making outstanding 0, did you do any other transactions or purchases on the same SBI card? Until the time the EMI formed, the entire time total outstanding was 0?

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Deal Subedar Deal Subedar
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Bob has started charging 3% of principal and not refund processing fee and gst, 

takes week to respond to daily interest gets accumulated too

Benevolent Benevolent
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App is not working? Some people said there is in app option too.

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Deal Subedar Deal Subedar
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.

Deal Subedar Deal Subedar
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Yesterday, I purchased something at NCEMI through my axis cc. Now I want to cancel NCEMI. Please suggest when should I cancel it. My billing date is 15.

Deal Cadet Deal Cadet
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After it is converted to emi, keep checking unbilled transactions. 

Deal Cadet Deal Cadet
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Deal Cadet Deal Cadet
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Deal Cadet Deal Cadet
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@some1anywhere I am planning to buy laptop on TATA NEU Croma 40k with NC EMI. Do we get neu coins for Infinity card usage for EMI transaction? If I cancel EMI, will I get 750 + 5% neo coins? 

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