https://www.desidime.com/discussions/understanding-the-no-cost-emi-cancellation-trick?page=1#post_10349003
in both the cases you are getting same discount , so why opting for no cost emi if you are going to cancel it anyways
Understanding the No Cost EMI Cancellation Trick
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If I want to buy a phone on Flipkart using HDFC CC, my options are:
1. If I choose Pay full amount of ₹25107
2. If I choose Pay with EMI - No Cost EMI at ₹4177/month
If I choose (2) and then cancel the EMI, how much total discount will I get? What will be the amount charged to the CC?
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https://www.desidime.com/discussions/understanding-the-no-cost-emi-cancellation-trick?page=1#post_10349029
It's not what it is. Both scenarios are the same.
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https://www.desidime.com/discussions/understanding-the-no-cost-emi-cancellation-trick?page=1#post_10349069
~ ₹23,979 will come as OTP and same will be charged.
If you cancel before it's gets converted into EMI, you'll be charged (above price mentioned) only + few negligible charges on some cards.
If cancelled after amount converted to EMI, you'll have to pay foreclosure charges.
You may check No cost EMI Cancellation Guide for cancellation of EMI with nil/negligible charges.
https://www.desidime.com/discussions/understanding-the-no-cost-emi-cancellation-trick?page=1#post_10349254
How to cancel before it gets converted to EMI?
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https://www.desidime.com/discussions/understanding-the-no-cost-emi-cancellation-trick?page=1#post_10350053
Nice post VU+ to clear all these doubts among fellow dimers
https://www.desidime.com/discussions/understanding-the-no-cost-emi-cancellation-trick?page=1#post_10350965
Txn amount= 23979
• Processing fee & gst = 299 & 53.82
[After emi foreclosure, 299 processing fee will be reversed but gst of Rs 53.82 will not be reversed. If your bill is generated inbetween emi activation & emi cancellation, then processing fee also non-reversible.]
• Interest according to no. of days on which emi was active. [If foreclosed within 1 day of activation, approx 20 Rs interest will be charged.]
So, final amount payable to bank = Rs 23979+ Rs 53.82+ Rs 20(approx) = Rs 24052.82 approx.
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HDFC charges only gst amount on processing fee. other things are refunded.
So it will be around 25109-1130 + ~50, so total amount will be 24030 something
Txn amount= 23979
• Processing fee & gst = 299 & 53.82
[After emi foreclosure, 299 processing fee will be reversed but gst of Rs 53.82 will not be reversed. If your bill is generated inbetween emi activation & emi cancellation, then processing fee also non-reversible.]
• Interest according to no. of days on which emi was active. [If foreclosed within 1 day of activation, approx 20 Rs interest will be charged.]
So, final amount payable to bank = Rs 23979+ Rs 53.82+ Rs 20(approx) = Rs 24052.82 approx.