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.

 

[SpiesCan'tCatchMe]

@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

I'll go with hdfc as it has the highest discount and as suggested by other members I'll only have to pay 35/-

 

[RishiKiDev]

I'll go with hdfc as it has the highest discount and as suggested by other members I'll only have to pay 35/-

They have started down payment system for no cost emis now.

How will it affect the cancellation of emi and charges?

 

[SpiesCan'tCatchMe]

They have started down payment system for no cost emis now.

How will it affect the cancellation of emi and charges?

Please shed some light on this @Pankhuri

 

[Pankhuri]

They have started down payment system for no cost emis now.

How will it affect the cancellation of emi and charges?

Have no idea. Haven't bought anything this way yet. Will update comment if one of my friend have bought something this way.

 

[Vignesh M]

They have started down payment system for no cost emis now.

How will it affect the cancellation of emi and charges?

Hi I did an emi transaction with H-D-F-C card 10 days back. Took 2 days to debit and credit the actual amount. 3rd day converted to EMI. There is this portal call Hdfc mycards where you get the option to preclose(there is no term as cancellation in this bank) and the term is we can preclose EMI without penalty within 4 days.(see pic)

So be sure to cancel it as soon as you see emi conversion in the portal(no call needed). It will ask for otp and things to preclose. You’ll receive message/email regarding preclosure. But it takes 2 more days for transactions to show up in the portal or your card account.full amount will be debited and processing fee will be reversed. Some interest tax and gst will not be reversed.

make sure you have adequate time for all this before next statement generation date (at least 10 days just to be sure)
Not aware of any new down payments that might have come up recently within 10 days. Hope it helps.

 

[RishiKiDev]

Thanks for responding. Actually you can see it yourself in Flipkart.
Go to iPhone 14 page and check the no cost emi options. Now a down payment is required.
Earlier total amount was converted into no cost emi. Now they are only converting 70-80% amount into no cost emis.
This move may be done to prevent the no cost emi cancellation tricks.

 

[Vignesh M]

Thanks for responding. Actually you can see it yourself in Flipkart.
Go to iPhone 14 page and check the no cost emi options. Now a down payment is required.
Earlier total amount was converted into no cost emi. Now they are only converting 70-80% amount into no cost emis.
This move may be done to prevent the no cost emi cancellation tricks.

Ohh not aware of the new development. Hope it’s not followed for other websites and banks too.

 

[RishiKiDev]

Ohh not aware of the new development. Hope it’s not followed for other websites and banks too.

I think some products in amazon are also demanding a down payment for no cost emis.
It was eventually going to happen.
As we discuss such tricks and tips, people from the banks are getting all the inputs to plug their leaks and they are paying well to people who report such tricks and tips.

Anyways now everyone should be careful with the emi cancellation tricks

 

[SpiesCan'tCatchMe]

I think some products in amazon are also demanding a down payment for no cost emis.
It was eventually going to happen.
As we discuss such tricks and tips, people from the banks are getting all the inputs to plug their leaks and they are paying well to people who report such tricks and tips.

Anyways now everyone should be careful with the emi cancellation tricks

It's too late now 😭
I did a transaction today itself

 

[RishiKiDev]

It's too late now 😭
I did a transaction today itself

Sed loif! 😑

 

[SpiesCan'tCatchMe]

Sed loif! 😑

But full amount got debited from my account

 

[RishiKiDev]

But full amount got debited from my account

It will be converted to no cost emi in 2-3 working days

 

[SpiesCan'tCatchMe]

It will be converted to no cost emi in 2-3 working days

So where is the part of down payment in all these

 

[RishiKiDev]

So where is the part of down payment in all these

They will make no cost emi of everything else minus the down payment which will be charged in the next statement directly.
Excluding the down payment part rest is converted to no cost emis.

You can check the product page to know more details in the no cost emi section

 

[SpiesCan'tCatchMe]

They will make no cost emi of everything else minus the down payment which will be charged in the next statement directly.
Excluding the down payment part rest is converted to no cost emis.

You can check the product page to know more details in the no cost emi section

Wait don't go help me I'll check and come

 

[RishiKiDev]

Wait don't go help me I'll check and come

Okay okay! I'm here. I hope that you've got the old no cost emi scheme than the new down payment emi scheme.

 

[SpiesCan'tCatchMe]

@RishiKiDev

 

[RishiKiDev]

Thank god you've ordered from amazon. You're safe. This is the old no cost emi scheme not the down-payment one

 

[SpiesCan'tCatchMe]

Thank god you've ordered from amazon. You're safe. This is the old no cost emi scheme not the down-payment one

Aapke muh me ghee shakkar

 

[RishiKiDev]

Aapke muh me ghee shakkar

Tension mat loo. You can chill now but be careful with no cost emi next time especially with flipkart