Dilemma over HDFC NC-EMI Cancellation

[curios_mind_huh]

I just made a purchase on Amazon with my HDFC Millennia credit card that saved me Rs.10,000 in instant discount and an additional Rs.4,500 in No-Cost EMI discount. The processing fee is Rs.353 and the foreclosure charge comes out to Rs.2000. Even if I foreclose the EMI without waived charges, I'll still be in the gains because of the huge upfront No-Cost EMI discount.

This is where the dilemma starts. I've already read all the posts here about the foreclosure charges levied by HDFC. I made a similar EMI transaction with HDFC on 4th December,2024 and fore-closed the EMI via MyCards as soon as it got converted. Despite what everyone said, HDFC did not charge foreclosure fee (even though it was mentioned in MyCards app) and even refunded the processing fee (without GST). What more, contrary to the popular belief the instant discount on EMI wasn't reversed till now as well.

I don't know if much has changed from then. I'm okay paying the processing and foreclosure fee for EMI cancellation. But if HDFC really does reverse the Rs.10,000 instant discount, it absolutely does not make any sense to cancel the EMI. Does HDFC really do this and Has anyone experienced this?

Update: I pre closed the EMI from mycards on May 1, 2025. When I went through terms and conditions, there was indeed a clause that stated "No charges apply in case EMI is closed within 3 days". HDFC also asked me to settle the whole principal, charges and processing fee within the next day and I did so as well. The processing fee was reversed, it's GST was not and no pre-closure charges were debited as of today.

There are terms and conditions which state the instant discount will get debited within 120 days, but I hope not. I'll update this space after 120 days if HDFC decides to cancel the instant discount.

Update to everyone: I closed two ongoing NCEMI with HDFC. Preclosure charges + GST (3.54%) was levied, but I got it back after 5 working days. From their official documentation webpage https://www.hdfcbank.com/personal/borrow/popular-loans/easy-emi/easyemi-on-consumer-durables, " In case the loan is pre-closed within 3 days of loan booking date, any pre- closure fees levied will be reversed within 15 working days".

I raised an email to their priority redressal team and this is their reply: "since it was closed within 3 days timelines, we have exceptionally reversed the Processing fee & Preclosure fee along with GST to your card account"

But I'm still not sure if the instant discounts will be reversed as well. Will have to wait out another 120 working days to check if it's really the case.

 

[blackarrow]

mycards me bhai mil gaya option. Txn ke kitne din baad you were able to close it ?

View attachment 108169
My cards me linked emi's me ye show ho raha hai, pre closure pe click krne pe aisa aa raha hai. Confirm kar du, if someone has done through mycards kindly confirm the same, today is the first day it is reflecting in the mycards app, txn was on 25th August. ??

EMI convert hone ke 3 din me cancel karne me no issue.... transaction date se kuch lena dena nai he.... that's what people suggest in group....

 

[Hemang]

EMI convert hone ke 3 din me cancel karne me no issue.... transaction date se kuch lena dena nai he.... that's what people suggest in group....

customer care valo ne yhi kaha hai ki ye dikhayega charges, but lagenge nahi, let's see bhaiyo kesa rehta hai.

 

[Hemang]

Mine haven’t been reversed till date

ab tk reverse hua kya bhai instant discount card vala ?

The EMI scheme can be pre-closed by calling the 24-hour HDFC Bank Credit Cards customer service. 'Preclosure Interest charges' + 3% Preclosure Fee on principle Outstanding (as applicable) will apply. In case of preclosure, any payback/Instant Cashback/Discount offered by the merchant at the time of loan booking will be debited.

Baki jo likha hai terms conditions me vesa ye log kr ni rhe hain, i called customer care, they said, all charges if cancelled within 3 days will be reversed.

 

[Hemang]

Yes, you need to pay the amount within 1 day of their quotation.

Next steps for you:
1. ??Kindly make the payment on the next day of the preclosure date. (For e.g. if the preclosure is done on 27th April, make your payment on 28th April??)
2. Preclosed Loan Amount of Rs: 51802.13

Here's the break-up of your Pre-close Loan Amount:
1. Loan Outstanding: 49356.04
2. 3% Preclosure Charges: Rs. 1480.68
3. Pro-rata interest Rs. 592.27}
4. GST (on Preclosure charges and pro-rata interest) : 373.13

Please note that unpaid dues/EMI from the latest statement is payable separately and is
not included in the preclosure outstanding.

Non-payment of these dues bank charges as applicable.

Bhai isme principal to Rs 49356 hi hai, to sare charges to nahi pay karne hain fir ? Anyone kindly share your experience who has done this stunt recently and was successful.

 

[Amit_1]

ab tk reverse hua kya bhai instant discount card vala ?

The EMI scheme can be pre-closed by calling the 24-hour HDFC Bank Credit Cards customer service. 'Preclosure Interest charges' + 3% Preclosure Fee on principle Outstanding (as applicable) will apply. In case of preclosure, any payback/Instant Cashback/Discount offered by the merchant at the time of loan booking will be debited.

Baki jo likha hai terms conditions me vesa ye log kr ni rhe hain, i called customer care, they said, all charges if cancelled within 3 days will be reversed.

Nothing reversed till date

Cancel EMI within 3 days and make payment, there will be only emi conv fee gst charged to u, around ~18 I guess, which is not reverted to me last time

 

[Amit_1]

Next steps for you:
1. ??Kindly make the payment on the next day of the preclosure date. (For e.g. if the preclosure is done on 27th April, make your payment on 28th April??)
2. Preclosed Loan Amount of Rs: 51802.13

Here's the break-up of your Pre-close Loan Amount:
1. Loan Outstanding: 49356.04
2. 3% Preclosure Charges: Rs. 1480.68
3. Pro-rata interest Rs. 592.27}
4. GST (on Preclosure charges and pro-rata interest) : 373.13

Please note that unpaid dues/EMI from the latest statement is payable separately and is
not included in the preclosure outstanding.

Non-payment of these dues bank charges as applicable.

Bhai isme principal to Rs 49356 hi hai, to sare charges to nahi pay karne hain fir ? Anyone kindly share your experience who has done this stunt recently and was successful.

Pay total amount stated in the mail within the 3 days period of EMI conv imo.

Earlier few said that they paid the total amount after the bill generation and nothing extra charged, but I didn't tried this personally.

 

[Hemang]

Pay total amount stated in the mail within the 3 days period of EMI conv imo.

Earlier few said that they paid the total amount after the bill generation and nothing extra charged, but I didn't tried this personally.

If i pay Rs 51802 amount then it is consisting of all the charges, do i need to pay it now, and when they reverse, then ask for credit refund again bhaiyo ?

 

[blackarrow]

ab tk reverse hua kya bhai instant discount card vala ?

The EMI scheme can be pre-closed by calling the 24-hour HDFC Bank Credit Cards customer service. 'Preclosure Interest charges' + 3% Preclosure Fee on principle Outstanding (as applicable) will apply. In case of preclosure, any payback/Instant Cashback/Discount offered by the merchant at the time of loan booking will be debited.

Baki jo likha hai terms conditions me vesa ye log kr ni rhe hain, i called customer care, they said, all charges if cancelled within 3 days will be reversed.

Yes my instant discount got reversed

 

[blackarrow]

See attached image....so I think now this trick is over

 

[Hemang]

Yes my instant discount got reversed

How much was reversed exactly in amount ? When was the txn performed bhai ?
So your card account became deficit of that discount ?

 

[blackarrow]

T

How much was reversed exactly in amount ? When was the txn performed bhai ?
So your card account became deficit of that discount ?

Transaction amount was 38k.....
Performed on 23rd August
Emi converted on 26th August
Paid on 27th August
Reversal amount 1053rs

 

[blackarrow]

As of now only conversation process charges of 299 reversed

 

[Hemang]

T

Transaction amount was 38k.....
Performed on 23rd August
Emi converted on 26th August
Paid on 27th August
Reversal amount 1053rs

So 1053 was the amount of instant discount availed during the offer bhai ?