No Cost EMI - Cancellation - All Banks - Master Wiki

[iamgroot]

no cost nahi hai store se washing machine li thi 30200 kate hai total toh usne bola itne hi katenge 3 emi main. emi is liye karvai kyoki uspe discount tha full pay par nahi tha

no cost ho na ho matter nhi krta..ang merchnt emi closure will lead to 3% charge

 

[AllThatStuff]

Can someone explain how no cost emi works for offline transactions, coz the store owner told the txn. will be of the bill value...and later bank will give discount or something like that, which I couldn't understand!!

Also can we use Axis card and cancel the No Cost EMI at no cost ??

 

[helloworld]

Can someone explain how no cost emi works for offline transactions, coz the store owner told the txn. will be of the bill value...and later bank will give discount or something like that, which I couldn't understand!!

Also can we use Axis card and cancel the No Cost EMI at no cost ??

Its same for both "online" and "offline" with slight variation...

Online -- that website gives u the discount
Offline -- bank gives u the discount



Online:

• Actual price of the phone: ₹16,990
• Bank charges ₹765.50 as interest over 6 months → Total = ₹17,755.50
• But website gives you a discount of ₹765.50, so:
  
  You pay ₹16,990 upfront,
  Then pay EMIs totaling ₹17,755.50 to the bank over 6 months,
  Website already covered that interest for you in the discount.

✅ You pay no extra amount. Net cost to you is still ₹16,990.


Offline:

• You buy the same phone.
• You pay full EMI amount (₹17,755.50) with interest included.
• But after a month, the bank credits ₹765.50 back to your card.

✅ Still, net cost to you = ₹16,990
But this time, you pay first, and then get the interest amount refunded.


Hope you understand!

 

[iamgroot]

Its same for both "online" and "offline" with slight variation...

Online -- that website gives u the discount
Offline -- bank gives u the discount

View attachment 97223

Online:

• Actual price of the phone: ₹16,990
• Bank charges ₹765.50 as interest over 6 months → Total = ₹17,755.50
• But website gives you a discount of ₹765.50, so:
  
  You pay ₹16,990 upfront,
  Then pay EMIs totaling ₹17,755.50 to the bank over 6 months,
  Website already covered that interest for you in the discount.

✅ You pay no extra amount. Net cost to you is still ₹16,990.


Offline:

• You buy the same phone.
• You pay full EMI amount (₹17,755.50) with interest included.
• But after a month, the bank credits ₹765.50 back to your card.

✅ Still, net cost to you = ₹16,990
But this time, you pay first, and then get the interest amount refunded.


Hope you understand!

bank credit nhi krta he .wo merchnt deta he 90 deta he ..only diff is onln mevinstnt disc mil jata offline me wo cashback ata he

 

[Trust Me]

2. Axis​

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

---

It may be common knowledge, but I believe the following should be clearly mentioned here (it may also be applicable to all banks, but it does apply to Axis):

There is a hidden charge for EMI cancellation: EMI conversion nullifies any reward points eligibility for a CC. Although one does get back the EMI processing fee + GST on cancellation, one never gets back the RPs! This may be a substantial loss.
.