Help with EMI on ICICI Credit card

[HVS]

Hi Guys,

I'm trying to buy an TV offline of around 1 lakh and the merchant is giving "low cost" EMI facility and gives 6000 discount but if I increase the tenure then the total cost is getting increased. I can pay full amount but the discount is only 3000 for full swipe. So can I chose EMI option and later cancel the EMI calling customer care will I receive the upfront discount of 6000 or will they charge the amount in total bill. Also, the low cost upfront interest discount will be given or it'll also be charged?

This is my first time buying something on EMI so need help of you guys. I tried to find the answers using search but couldn't find solutions for this query. Any help will be appreciated.

 

[Astraea]

i have made a puchase too 2 days back. yesterday got the message for full payment and showed up in unbilled transactions section ( the full puchase amount). yet to receive emi conversion type of message. Is it normal to receive full spent message even if we purchase via emi.

I had the same experience, @Vignesh M . I made a purchase on Sunday, but today it EMI transactions appeared in the statement with the merchant name as Paytm, even though I bought it from Flipkart. I'm losing reward points, and once it's converted to EMI, I'll request them for those points back, even though it may not be worth it.

Update:

The translation to EMI charges feels excessive. They are charging IGST twice at 18% each, despite Paytm being an Indian company listed on our exchanges. I don't understand the basis for this double IGST charge.


Update: Called CS but they are saying Systems are down we are unable to fetch your credit card details.

 

[VISHESH_BANSAL]

I had the same experience, @Vignesh M . I made a purchase on Sunday, but today it EMI transactions appeared in the statement with the merchant name as Paytm, even though I bought it from Flipkart. I'm losing reward points, and once it's converted to EMI, I'll request them for those points back, even though it may not be worth it.

Update:

The translation to EMI charges feels excessive. They are charging IGST twice at 18% each, despite Paytm being an Indian company listed on our exchanges. I don't understand the basis for this double IGST charge.


Update: Called CS but they are saying Systems are down we are unable to fetch your credit card details.

There are two components in the shared screenshot which attracts GST.

Hence Seperate GST Entry for Each Component

First is 18% of 199(Proceesing Fee) i.e,
Rs.35.82

Second one is 18% of 481.94(Interest included in First Instalment) i.e, Rs.86.75

 

[Astraea]

There are two components in the shared screenshot which attracts GST.

Hence Seperate GST Entry for Each Component

First is 18% of 199(Proceesing Fee) i.e,
Rs.35.82

Second one is 18% of 481.94(Interest included in First Instalment) i.e, Rs.86.75

Yes, but I'm confused because it's IGST instead of GST. This is my first time getting an EMI, so I'm not familiar with the process.

 

[VISHESH_BANSAL]

Yes, but I'm confused because it's IGST instead of GST. This is my first time getting an EMI, so I'm not familiar with the process.

IGST appeared beacuse it must be a interstate Supply.

CGST and SGST , appears when it is Intrastate Supply.

ICICI must have a GSTIN of a different state, other than the state mentioned in your registered address as per Bank records, that is why IGST appeared in the statement.

 

[Vignesh M]

I had the same experience, @Vignesh M . I made a purchase on Sunday, but today it EMI transactions appeared in the statement with the merchant name as Paytm, even though I bought it from Flipkart. I'm losing reward points, and once it's converted to EMI, I'll request them for those points back, even though it may not be worth it.

Update:

The translation to EMI charges feels excessive. They are charging IGST twice at 18% each, despite Paytm being an Indian company listed on our exchanges. I don't understand the basis for this double IGST charge.


Update: Called CS but they are saying Systems are down we are unable to fetch your credit card details.

ohh.. more than the points i feel the emi cancelation should be the priority. So basically you gonna try again tomorrow to push for cancellation. Please do update. Ill have to wait for my emi conversion i guess

 

[Vignesh M]

There are two components in the shared screenshot which attracts GST.

Hence Seperate GST Entry for Each Component

First is 18% of 199(Proceesing Fee) i.e,
Rs.35.82

Second one is 18% of 481.94(Interest included in First Instalment) i.e, Rs.86.75

Wonderful info for emi newbies like me 🙏🙏. will these charges be reversed if we cancel the emi within 15 days @VISHESH_BANSAL

 

[Astraea]

ohh.. more than the points i feel the emi cancelation should be the priority. So basically you gonna try again tomorrow to push for cancellation. Please do update. Ill have to wait for my emi conversion i guess

Yeah I have DMed them on X. Hoping to get a call back soon

 

[VISHESH_BANSAL]

Wonderful info for emi newbies like me 🙏🙏. will these charges be reversed if we cancel the emi within 15 days @VISHESH_BANSAL

Reveral of charges upon EMI Cancellation differ Bank to Bank

I heard on the forum, ICICI reverse all these charges including GST.
and
You can Place the Cancellation Request Directly via customer Care of ICICI over the Call.

 

[Vignesh M]

Reveral of charges upon EMI Cancellation differ Bank to Bank

I heard on the forum, ICICI reverse all these charges including GST.
and
You can Place the Cancellation Request Directly via customer Care of ICICI over the Call.

thanks a lot

 

[Vignesh M]

Yeah I have DMed them on X. Hoping to get a call back soon

ohh...gr8. keep me in the loop regarding this

 

[Astraea]

ohh...gr8. keep me in the loop regarding this

@Vignesh M They cancelled immediately and refunded even GST charges.

 

[EasyMoney]

How long will it take for the EMI to be reported on ICICI?

 

[Astraea]

How long will it take for the EMI to be reported on ICICI?

Around 3-4 working days

 

[SpiesCan'tCatchMe]

@HVS @Vignesh M @Astraea need a Lil help guys, planning to do the same thing as you did should I go with icici apay card or normal icici card or hdfc card. And do I get reward points on emi transaction?

 

[Pankhuri]

Only HDFC is a bit tedious with EMI cancellation. Other banks are quite easy to deal with, have experience with ICICI, AXIS and HDFC.

Been running an experiment on HDFC, where they say that after cancelling the emi you have to pay some interest and GST on that and also that you have to make the full payment on the next day. However, nothing happens if you don't pay the next day and wait for the statement generation. Plus, that extra interest and gst on that also doesn't show up in statement if you happen to wait and if you happen to pay, it will show up as extra payment in the statement (example - bought something of 10k in emi, payment asked for 10k+200+gst and at the end those 200+gst show up as overpayment). Essentially they also work like AXIS and ICICI but without the clear messaging. However unlike AXIS and ICICI, they don't return the GST charged on the emi conversion fee.

So update on this experiment.

HDFC customer service rep and their official mails do tell that you would need to pay back the whole amount in the next 2 days after cancellation, but so far their system doesn't work that way. The way it works is that the purchase is converted back to normal purchase and then you would need to pay whenever it shows up in the statement. You can pay in advance too but that you don't necessarily have to.

Done this for two months straight. Timed a purchase and cancellation such that got extra days to pay too and even then, outside of 35rs, nothing extra was charged.

 

[Pankhuri]

@HVS @Vignesh M @Astraea need a Lil help guys, planning to do the same thing as you did should I go with icici apay card or normal icici card or hdfc card. And do I get reward points on emi transaction?

Go with the card which gives you best discount. It doesn't really matter. Neither of the cards provide rp or cashback on emi purchases, so that doesn't matter.

 

[SpiesCan'tCatchMe]

Go with the card which gives you best discount. It doesn't really matter. Neither of the cards provide rp or cashback on emi purchases, so that doesn't matter.

So update on this experiment.

HDFC customer service rep and their official mails do tell that you would need to pay back the whole amount in the next 2 days after cancellation, but so far their system doesn't work that way. The way it works is that the purchase is converted back to normal purchase and then you would need to pay whenever it shows up in the statement. You can pay in advance too but that you don't necessarily have to.

Done this for two months straight. Timed a purchase and cancellation such that got extra days to pay too and even then, outside of 35rs, nothing extra was charged.

Mark this response as the solution for all emi related questions @HVS

 

[Pankhuri]

Mark this response as the solution for all emi related questions @HVS

We might need to have a dedicated thread on no-cost emi cancellation conditions of various banks. I recently learned that SBI do charges 3.5% of the principal amount, no matter when you choose to close the emi.

 

[unusedbrain1]

Go ahead and buy. You won't be charged anything extra. Buy, wait for the emi conversion message, then next day call and tell the customer care that you want to cancel the emi and willing to pay the full amount in one go. After that they would cancel the emi and bill you the full amount in your next statement which you can pay off. You can also pay off anytime in between too after the cancellation of the emi and generation of statement.

Also to add to this .
Even when u convert to emi and bill is generated
First month only Processing fee is paid ..
You can cancel /close untill next bill generation. So +30 days

 

[Astraea]

@HVS @Vignesh M @Astraea need a Lil help guys, planning to do the same thing as you did should I go with icici apay card or normal icici card or hdfc card. And do I get reward points on emi transaction?

@SpiesCan'tCatchMe As all already suggested by others to use best card which gives more value/cashback/RP go with it blindly.

If your interested in No Cost EMI then you can use any ICICI credit card and wait until the transaction is settled then give a call to cc and cancel the EMI and you will not pay a penny otherthan transaction amount what you paid to merchant. Here you will save the upfront discount of interest. But do it before 15 days of settlement in your statement. Hope it helps