Query- HDFC EMI Pre-Closure

[22sumit]

So I ordered a phone from Amazon on EMI and got Rs 750 extra discount on same for using a 6 months emi service.
Since the EMI was done via merchant portal so I don't have option of cancelling it (as per cc) and only pre-closure is allowed.
I got additional nominal charges as below:

-Loan O/s: 15994.36
- 3% Pre-Closure Charges: Rs. 0

- Pro-rata Interest Rs. 42.65
- GST: 7.68
Total Loan amount to pay: Rs. 16044.69

The cc executive asked to pay this amount within 24-48 hrs after pre-closure.

As some of the members are already expert and have gone through this earlier, it would be really helpful if someone can address my doubts.
1. Will they be charging processing fees of Rs 199+gst on top of it later?
2. I already have an outstanding amt since my last bill was generated, so will paying Rs. 16044.69 will get adjusted towards the already generated bill amount or this emi. How will the system distinguish this?
3. Any other tips to avoid any extra charges.

 

[Tejo]

So I ordered a phone from Amazon on EMI and got Rs 750 extra discount on same for using a 6 months emi service.
Since the EMI was done via merchant portal so I don't have option of cancelling it (as per cc) and only pre-closure is allowed.
I got additional nominal charges as below:

-Loan O/s: 15994.36
- 3% Pre-Closure Charges: Rs. 0

- Pro-rata Interest Rs. 42.65
- GST: 7.68
Total Loan amount to pay: Rs. 16044.69

The cc executive asked to pay this amount within 24-48 hrs after pre-closure.

As some of the dimers are already expert and have gone through this earlier, it would be really helpful if someone can address my doubts.
1. Will they be charging processing fees of Rs 199+gst on top of it later?
2. I already have an outstanding amt since my last bill was generated, so will paying Rs. 16044.69 will get adjusted towards the already generated bill amount or this emi. How will the system distinguish this?
3. Any other tips to avoid any extra charges.

yes processing fee will be

pre clossure charges will be

+gst on on this charges and fee*

yeah it will be adjusted even if you pay before billing, i advise to pay before billing, as u cancelled emi*

 

[22sumit]

yes processing fee will be

pre clossure charges will be

+gst on on this charges and fee*

yeah it will be adjusted even if you pay before billing, i advise to pay after billing, as u cancelled emi*

Thanks for replying.. I have heard incidents of getting the processing fee (Rs 199) reversed but not the GST on processing fees (around Rs 35). Is this true?

 

[4uziaul]

1.No processing fees or GST will be charged later if you cancel the loan within the first month, but it must be done before the bill generation or your first EMI.

2. That's why they ask you to make the payment within 24-48 hours, and that payment will only be considered towards your loan.

3. Once you have made that payment, there are no further steps or tips to share. The loan will be permanently closed.

 

[Tejo]

Thanks for replying.. I have heard incidents of getting the processing fee (Rs 199) reversed but not the GST on processing fees (around Rs 35). Is this true?

yeah

differs bank to bank.

axis wont refund

kotak will refund.

 

[4uziaul]

B

yeah

differs bank to bank.

axis wont refund

kotak will refund.

Bamboo dena padega 🤣

 

[lucifer69]

Pro-rata Int

Hey, I just ordered a product worth 49900 on Amazon on No Cost EMI with 3K instant discount and 2200 no cost EMI discount. Can someone guide me how to cancel EMI and take that discount but pay in full. I've all amount with me and can pay instantly as well. Just wanted to avail the 2K discount

 

[4uziaul]

Magnus devaluation ho na ho yeh kuch din main ho jayega 🤣

 

[thedator]

1.No processing fees or GST will be charged later if you cancel the loan within the first month, but it must be done before the bill generation or your first EMI.

2. That's why they ask you to make the payment within 24-48 hours, and that payment will only be considered towards your loan.

3. Once you have made that payment, there are no further steps or tips to share. The loan will be permanently closed.

I did not get the part about paying upfront in 1 to 2 days. Should this not get added to the credit card due to be paid when the next bill gets generated?

 

[4uziaul]

I did not get the part about paying upfront in 1 to 2 days. Should this not get added to the credit card due to be paid when the next bill gets generated?

If you request them to foreclose the loan, they will provide you with a timeframe of around 24-48 hours to settle the full amount. This payment won't be shown as a credit card due in the next generated statement.

 

[thedator]

If you request them to foreclose the loan, they will provide you with a timeframe of around 24-48 hours to settle the full amount. This payment won't be shown as a credit card due in the next generated statement.

I see. But the settlement should be done in credit card account or somewhere else?

 

[Tejo]

I see. But the settlement should be done in credit card account or somewhere else?

In credit card account only

 

[22sumit]

If you request them to foreclose the loan, they will provide you with a timeframe of around 24-48 hours to settle the full amount. This payment won't be shown as a credit card due in the next generated statement.

Do we get reward points for the txn amount if we foreclose the emi ?

 

[4uziaul]

Do we get reward points for the txn amount if we foreclose the emi ?

This is a question even I don't have the answer to. 🤣 But even without any reward points, the discount makes up for it.

 

[thedator]

In credit card account only

Thanks..

 

[kshitij_0]

1.No processing fees or GST will be charged later if you cancel the loan within the first month, but it must be done before the bill generation or your first EMI.

2. That's why they ask you to make the payment within 24-48 hours, and that payment will only be considered towards your loan.

3. Once you have made that payment, there are no further steps or tips to share. The loan will be permanently closed.

I cancelled the EMI yesterday through mycards but I didn't get any call from ank yet. It was written over there that I need to pay the amount within 24 hours. Should I wait for the call or should I pay?

 

[4uziaul]

I cancelled the EMI yesterday through mycards but I didn't get any call from ank yet. It was written over there that I need to pay the amount within 24 hours. Should I wait for the call or should I pay?

Just pay it.

 

[kshitij_0]

Just pay it.

I paid that.
Before that I called CC and they said if I would had cancelled the EMI by calling them on Customer Care then I didn't need to pay anything in 24 hours. It would have had adjusted in the upcoming bill only. Also they said I even didn't need to pay any processing fee as well. But since I foreclosed the EMI through MyCards app, I have to pay Processing Fee and some interest as well( if applicable ) and also I need to pay everything within 24 hours.

Is this true?

They also said if I cancel the EMI by calling then it is called EMI cancellation but if I close it through MyCards it is called foreclosure and that's the reason why these two different things have different results.

 

[Akashn]

I paid that.
Before that I called CC and they said if I would had cancelled the EMI by calling them on Customer Care then I didn't need to pay anything in 24 hours. It would have had adjusted in the upcoming bill only. Also they said I even didn't need to pay any processing fee as well. But since I foreclosed the EMI through MyCards app, I have to pay Processing Fee and some interest as well( if applicable ) and also I need to pay everything within 24 hours.

Is this true?

They also said if I cancel the EMI by calling then it is called EMI cancellation but if I close it through MyCards it is called foreclosure and that's the reason why these two different things have different results.

I asked them to cancel my emi on call and they said it cannot be cancelled but you can forceclose it. lol. I said go ahead and close it. They confirmed charges (same charges shown on mycards) and closed it. Lets see if i get refund ..

 

[binno]

1.No processing fees or GST will be charged later if you cancel the loan within the first month, but it must be done before the bill generation or your first EMI.

2. That's why they ask you to make the payment within 24-48 hours, and that payment will only be considered towards your loan.

3. Once you have made that payment, there are no further steps or tips to share. The loan will be permanently closed.

please mark this message as ‘solved’ .. it was accurate