The plan is to foreclose the emi once it's converted.
My Experience.
Cancellation of EMI. EMI
cancellations on Infinia through customer care not working as on 27 Feb 25. Only
foreclosure working, that too at additional charges of 3% + GST + processing charges.
Availing EMI Discount. I recently bought a mobile in mid-Feb. There was no offer on that by the merchant or the company. However, there was a discount on HDFC credit cards through EMI. So, I opted for the EMI and availed the discount, hoping to cancel the EMI by calling customer care, as hitherto fore.
Calling Customer Care to Cancel the EMI. However, when I called the customer care to cancel the EMI as I had been doing earlier also, they informed me that cancellation of EMI is now not possible. So, I thought that maybe this particular representative is mis-informed and so I called three times at different times and three different customer care executives answered. And all three said the same thing: Cancellation of EMI by calling customer care not possible now. Now, only pre-closure is allowed, with the associated charges of 3% of the principal amount + GST + processing fee, etc. They said the old procedure is stopped and now if one has to cancel the EMI, then refund from merchant is required. Only then cancellation is possible. (Later, I stumbled upon a post regarding this issue
here).
Some Quick Math. So, I did some math along with the customer care representative and checked my options - of pre-closing the EMI or letting it continue for 6 months. It turned out that in my case, even pre-closure of this EMI - even after applying the 3% fees + GST + etc - was beneficial, albeit a bit less than initial benefit, courtesy charges etc. I double-checked the math comparing the total payments as mentioned in the amortisation schedule and the total payment to be made as being shown in MyCards app, just to make sure that I was indeed benefitting by pre-closing the EMI. Once I was sure, then I pre-closed it through MyCards app.
Complete Payment Within 24 hr of Cancellation of EMI. However, during the pre-closure process, I got pop up messages on MyCards (and immediately an email also), wherein it was mentioned that I have to pay the complete transaction amount within 24 hr, failing which I will be charged interest till my statement date - which is 2nd of every month. So, I again called the customer care and it was confirmed by the representative that indeed I have to make the complete payment. The email also mentioned the same thing. So, I made the payment immediately, thereby precluding any further charges. I got a confirmation email that my EMI has been cancelled.
Overall Benefit. Overall, in this particular case, I did gain monetarily - even after going through this whole rigmarole. But, one can check and then take a considered call - by comparing the transaction amount, the total payments due as per the amortisation schedule and the total pre-closure payment as being shown in the MyCards app.
Note
As per some users, if you write an email to them, they will
cancel the EMI without any charges. So, you can try your luck this way too.
RPs
Once EMI is
cancelled or foreclosed, no RPs are credited.
So, I guess the halcyon days of availing good discounts on EMI and then cancelling it before the statement generation date by calling the customer care are wily-nily over.
Nevertheless, keep enjoying the benefits till they last!
🙂
