• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

No Cost EMI - Cancellation - All Banks - Master Wiki

Apply For Lifetime Free IDFC First Credit Card
Status
The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.
Does emi cancellation Axis fetch rewards for transaction? Also if it is Magnus Burgundy counts towards milestone? Anyone tried ?
 
Sometimes hdfc debit card EMI gives better discount in comparison to Credit card EMI, before considering debit card EMI cancellation what charges should we keep in mind? Note that I am referring to regular EMI, not no cost EMI. This thread conclude that approx 3.5% preclosure charges should consider for HDFC credit card if we preclose No cost EMI, but what about normal EMI? Can someone explain the difference between preclosure and cancellation of EMI and their treatment.
 
Reaper said:
Has anyone tried cancelling No Cost EMI on HSBC cards ??
Do we have any foreclosure fee or hidden charges??
Click to expand...
Cancellation of no-cost EMI from merchant side is not available for HSBC cards. There is only foreclosure of EMI. It is applicable on 3% of total amount and 18% GST.
 
Do we need to cancel the HDFC EMI before EMI conversion or after? For ex. if transaction date was 26 April 2025 then when should I cancel it? Also, should I call customer care or from MyCards app. ?
 
ramkumar_y said:
Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Feel free to modify or add additional bank details.


1. ICICI​

  • Process: After EMI conversion, request customer care to cancel the EMI. Immediate cancellation.
  • Cancellation Window: Within 15 days.
  • Charges: No charges; processing fee reversed.

2. Axis​

  • Process: Same as ICICI.
  • Cancellation Window: Within 30 days.
  • Charges: No charges; processing fee reversed.

3. Bank of Baroda (BoB)​

  • Process: After EMI conversion, email them at crm@bobfinancial.com.
  • Charges: ₹199 + ₹35.
  • Tip: Request cancellation as soon as the transaction is converted to EMI, as interest is charged on a daily basis.

4. SBI​

  • Process: Call customer care and request cancellation.
  • Charges: Vary from ₹0 to ₹199 for processing fee + GST + 3.54% of the outstanding amount.
  • Trick: Make the outstanding balance on your card ₹0 after the transaction and before EMI conversion. In this case, the transaction won't get converted to EMI.

5. HDFC​

  • Process: Log in to MyCards and request cancellation from there.
  • Charges: Only ₹35 (processing fee of ₹199 is reversed).
  • Tips:
    • Never make EMI transactions on HDFC credit cards if your billing date is within 7 days. If the first EMI is billed, the processing fee is not reversed.
    • After EMI cancellation, HDFC asks for the outstanding payment within 24 hours. However, if not done, there are usually no issues (self-tested).
  • Note: HDFC is currently charging pre-closure fees for canceling NCEMI transactions before billing.

Might have exceptions for some users (as updated in TF).

6. Kotak​

  • Process: After EMI conversion, first pay the principal amount on the card, then call customer care for cancellation.
  • Charges: All charges are reversed except the GST component if canceled within 15 days.
  • Tip: Always select the longest EMI duration to minimize the GST component.

7. Federal
  • Process: After EMI Conversion, request customer care to cancel the EMI. It will cancelled within 7 days.
  • Cancellation Window: Within 7 days.
  • Charges: 1 EMI cancellation free / quarter i.e all charges will get reversed. Beyond 1 / qtr, charges are applicable
  • More Details: Refer to this link
Click to expand...
Have added Federal Bank's process and charges. Recently done a EMI transaction and cancelled it, all charges got reversed
 
Apply For LTF Scepia Credit Card
You must log in or register to reply here.
Status
The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.

Similar threads

ashb009
  • Question Question
Devaluation ICICI Free No-Cost EMI Cancellation is DEAD! Applicable from 1st May, 2025
Replies
2
Views
136
iamgroot
I
hvd2712
  • Question Question
HDFC no cost emi cancellation prior to conversion being charged on pixel credit card?
Replies
1
Views
670
Anupama_Jha
Anupama_Jha
Luser
  • Question Question
No cashback for No cost EMI cancellation??
Replies
2
Views
818
Luser
Luser
E
No Cost Emi cancellation - Hdfc Debit card
Replies
36
Views
4K
CyberPsych
CyberPsych
TechnoFino
No Cost EMI Explained: Is No Cost EMI Actually Free?
Replies
145
Views
16K
Sarjerao
S
Back
Top