I recently purchased a smartphone from Amazon where I get instant discount on no cost emi if I cancel the emi of 9 months what charge will imposed.

[lonewolf]

Recently I purchased smartphone from Amazon as no cost emi of 9 months where product price was 18999 got instant discount of 2750 and on 9 months emi they given me cash back of 996 out of rs 1034 which will bank charge. Now at last from my credit card the amount reserved is 15292. And processing fee 199+GST also
Now my question is if I cancel the emi how much I have to pay now it is not more than 15 days.

Please tell everything.

 

[KingAAR]

there is a thread on this no cost emu by technofino check It out

 

[lucifer69]

Recently I purchased smartphone from Amazon as no cost emi of 9 months where product price was 18999 got instant discount of 2750 and on 9 months emi they given me cash back of 996 out of rs 1034 which will bank charge. Now at last from my credit card the amount reserved is 15292. And processing fee 199+GST also
Now my question is if I cancel the emi how much I have to pay now it is not more than 15 days.

Please tell everything.

Are you able to cancel it ?

 

[Pramtesh]

Recently I purchased smartphone from Amazon as no cost emi of 9 months where product price was 18999 got instant discount of 2750 and on 9 months emi they given me cash back of 996 out of rs 1034 which will bank charge. Now at last from my credit card the amount reserved is 15292. And processing fee 199+GST also
Now my question is if I cancel the emi how much I have to pay now it is not more than 15 days.

Please tell everything.

There will not be an option to cancel emi (but there are exceptions)
Emi can be preclosed only

Have you cancelled the order??

 

[lonewolf]

There will not be an option to cancel emi (but there are exceptions)
Emi can be preclosed only

Have you cancelled the order??

No I not cancelled the order yet I cancelled the emi

 

[Pramtesh]

No I not cancelled the order yet I cancelled the emi

If you are able to cancel the emi. So processing fees would get also reverse.

 

[lucifer69]

If you are able to cancel the emi. So processing fees would get also reverse.

Did same, Waiting for statement to generate

 

[Pramtesh]

Did same, Waiting for statement to generate

Which means you are paying lesser. No cost EMI 🤫🤫😁

 

[lonewolf]

No I have not cancel the order

 

[lonewolf]

They told there will be 3% charge will imposed on final amount

 

[lucifer69]

They told there will be 3% charge will imposed on final amount

There'll be no foreclosure charges if you cancel within 4 days or foreclose before Bill generation.

 

[Pramtesh]

They told there will be 3% charge will imposed on final amount

If they are charging 3% that would give no benefit. The interest charge would be almost similar amount

 

[Anil_Singh]

So you bought Samsung Galaxy M34 5G using ICICI credit card and opted for No-Cost EMI. Why would you want to cancel it? Maybe because of additional gst on interest?

 

[varkey]

@ItsAnilSingh NoCost EMI provides upfront extra discount, if you cancel the EMI, you get that additional discount as well, which is a win-win.

 

[Anil_Singh]

@ItsAnilSingh NoCost EMI provides upfront extra discount, if you cancel the EMI, you get that additional discount as well, which is a win-win.

Can we cancel it?

 

[manishtaneja90]

If you cancel before statement generation then 36 Rs will be charged only.

 

[Anil_Singh]

Its working and legal. I just cancelled no-cost emi by calling customer care. I wasn't charged any additional charges because of 15 days time frame. Also, processing fees also got reversed. Thanks. Saved around 750 (no-cost emi upfront discount) + 199 (processing fees reversed) + 36 (gst on processing fees reversed) + 412 (total gst on interest reversed) using this method.

 

[lonewolf]

Its working and legal. I just cancelled no-cost emi by calling customer care. I wasn't charged any additional charges because of 15 days time frame. Also, processing fees also got reversed. Thanks. Saved around 750 (no-cost emi upfront discount) + 199 (processing fees reversed) + 36 (gst on processing fees reversed) + 412 (total gst on interest reversed) using this method.

That's not true charge will imposed

 

[Anil_Singh]

That's not true charge will imposed

In ICICI, no charge. They did not charge me.

 

[EShopper]

Its working and legal. I just cancelled no-cost emi by calling customer care. I wasn't charged any additional charges because of 15 days time frame. Also, processing fees also got reversed. Thanks. Saved around 750 (no-cost emi upfront discount) + 199 (processing fees reversed) + 36 (gst on processing fees reversed) + 412 (total gst on interest reversed) using this method.

Which bank?