Recent content by pritish98

I think you are aware of old rules. When I called to cancel this they said it's a new change in their system, previously they did not charge for EMI cancellation probably.

Can anyone tell me if I foreclose the EMI will it be an effect to reduce my cibil score?

But in my case it was IDFC Bank and after cancelling the order I have called customer care immediately to cancel the EMI. But they are saying EMI don't get auto cancelled. You have to foreclose the EMI.

then it's very good for you. You're lucky enough!

I think HDFC Bank only charges the processing fee if your order is cancelled. They will cancel the EMI automatically from their end. Only the processing fee you have to pay because it is already being charged when you choose EMI option. The same thing was happened with one of my friend and he...

That means No Cost EMI is more dangerous rather than one time payment. If you are not aware then it's big trap of paying multiple charges. Oh my God!

is this same process applicable for all other banks? Or only for IDFC Bank? If this is the case we should not cancel or return any order on Flipkart/Amazon. Need to think twice before placing order.

But I have cancelled the order before converting into EMI. Still do I need to foreclose the EMI?

I have purchased one laptop on Flipkart using IDFC Bank Select Credit card and I chose No cost EMI on the time of order. On the next day I have cancelled the order. But on the 3rd day I got a message from bank the transaction has been converted into EMI. As I have cancelled the order the...