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No Cost EMI - Cancellation - All Banks - Master Wiki

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im4shu said:
Conversion before 14 or may be transaction, I'm not sure about this one
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I think it depends on cancellation date. My emi was booked on 7th and I cancelled it on the 19th. The cancellation mail I received had updated t&c.
"Cancellation of Merchant EMI bookings without levying any foreclosure charges will be allowed only instant cashback was not availed at the time of EMI booking. In case a customer opts to cancel the EMI in which instant cashback was availed at the time of booking, then this EMI cancellation will be treated as foreclosure. In such cases, applicable foreclosure charges of 3% of Principal outstanding at the time of cancellation + GST and other applicable taxes, cess, etc. (as mandated by Govt. from time to time) will be levied as Foreclosure Fee, within the next 120 days of EMI cancellation/foreclosure. Additionally, in such cases the processing fee + GST as applicable on booking whichis reversed at the time of EMI cancellation will if also be levied along with applicable foreclosure charges, within the next 120 days of EMI cancellation/foreclosure. Availment of cashback at the time of booking will be determined basis the cashback details shared by the respective merchants or aggregators. • Please note that foreclosure charges will not be applicable only if a full refundis received from the merchant in a single transaction, and Authorization Code of the refund transactionis same as that of original transaction amount."
 
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