No Cost EMI - Cancellation - All Banks - Master Wiki

[RAHUL GOYAL]

Was it instant discount on EMI txn.?

yes emi par hi discount tha full payment par nahi tha

 

[harsh864]

What about bob emi.?

 

[shubhambgp]

Axis still allows free cancellation of emi right?

 

[tpbuys]

Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Feel free to modify or add additional bank details.

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1. ICICI​

• Process: After EMI conversion, request customer care to cancel the EMI. Immediate cancellation.
• Cancellation Window: Within 15 days.
• Charges: No charges; processing fee reversed.

Temporary Edit - I happen to came across a thread which said Icici has made changes in its T&C and now will levy a charge on cancellation of EMI. If someone finds that thread, please edit this info. _ @Talkwithfino

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2. Axis​

• Process: Same as ICICI.
• Cancellation Window: Within 30 days.
• Charges: No charges; processing fee reversed.

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3. Bank of Baroda (BoB)​

• Process: After EMI conversion, email them at crm@bobfinancial.com.
• Charges: ₹199 + ₹35.
• Tip: Request cancellation as soon as the transaction is converted to EMI, as interest is charged on a daily basis.

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4. SBI​

• Process: Call customer care and request cancellation.
• Charges: Vary from ₹0 to ₹199 for processing fee + GST + 3.54% of the outstanding amount.
• Trick: Make the outstanding balance on your card ₹0 after the transaction and before EMI conversion. In this case, the transaction won't get converted to EMI.

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5. HDFC​

• Process: Log in to MyCards and request cancellation from there.
• Charges: Only ₹35 (processing fee of ₹199 is reversed).
• Tips:
  • Never make EMI transactions on HDFC credit cards if your billing date is within 7 days. If the first EMI is billed, the processing fee is not reversed.
  • After EMI cancellation, HDFC asks for the outstanding payment within 24 hours. However, if not done, there are usually no issues (self-tested).
• Note: HDFC is currently charging pre-closure fees for canceling NCEMI transactions before billing.

Might have exceptions for some users (as updated in TF).

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6. Kotak​

• Process: After EMI conversion, first pay the principal amount on the card, then call customer care for cancellation.
• Charges: All charges are reversed except the GST component if canceled within 15 days.
• Tip: Always select the longest EMI duration to minimize the GST component.

7. Federal

• Process: After EMI Conversion, request customer care to cancel the EMI. It will cancelled within 7 days.
• Cancellation Window: Within 7 days.
• Charges: 1 EMI cancellation free / quarter i.e all charges will get reversed. Beyond 1 / qtr, charges are applicable
• More Details: Refer to this link

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So Bank of Baroda is no longer working and they have plugged the hole as well. 3% prepayment penalty to close the EMI.

Here’s what I received today and I sent the email almost within an hour of receiving confirmation of EMI conversion.

—-
Dear Cardholder,
Greetings from Bobcard Limited
We refer to your trail mail and wish to inform that pre-closure fee of 3% or a minimum of Rs.299/-Whichever is higher shall be levied on the principal outstanding amount if the card /EMI facility is closed before expiry of the EMI tenure.

—-

 

[tpbuys]

What about bob emi.?

3% prepayment penalty. I just posted an update as of this morning.

 

[nikhilv0303]

Unable to find any other common thread for all banks. So, creating this as Master Wiki thread. Feel free to modify or add additional bank details.

---

1. ICICI​

• Process: After EMI conversion, request customer care to cancel the EMI. Immediate cancellation.
• Cancellation Window: Within 15 days.
• Charges: No charges; processing fee reversed.

Temporary Edit - I happen to came across a thread which said Icici has made changes in its T&C and now will levy a charge on cancellation of EMI. If someone finds that thread, please edit this info. _ @Talkwithfino

---

2. Axis​

• Process: Same as ICICI.
• Cancellation Window: Within 30 days.
• Charges: No charges; processing fee reversed.

---

3. Bank of Baroda (BoB)​

• Process: After EMI conversion, email them at crm@bobfinancial.com.
• Charges: ₹199 + ₹35.
• Tip: Request cancellation as soon as the transaction is converted to EMI, as interest is charged on a daily basis.

---

4. SBI​

• Process: Call customer care and request cancellation.
• Charges: Vary from ₹0 to ₹199 for processing fee + GST + 3.54% of the outstanding amount.
• Trick: Make the outstanding balance on your card ₹0 after the transaction and before EMI conversion. In this case, the transaction won't get converted to EMI.

---

5. HDFC​

• Process: Log in to MyCards and request cancellation from there.
• Charges: Only ₹35 (processing fee of ₹199 is reversed).
• Tips:
  • Never make EMI transactions on HDFC credit cards if your billing date is within 7 days. If the first EMI is billed, the processing fee is not reversed.
  • After EMI cancellation, HDFC asks for the outstanding payment within 24 hours. However, if not done, there are usually no issues (self-tested).
• Note: HDFC is currently charging pre-closure fees for canceling NCEMI transactions before billing.

Might have exceptions for some users (as updated in TF).

---

6. Kotak​

• Process: After EMI conversion, first pay the principal amount on the card, then call customer care for cancellation.
• Charges: All charges are reversed except the GST component if canceled within 15 days.
• Tip: Always select the longest EMI duration to minimize the GST component.

7. Federal

• Process: After EMI Conversion, request customer care to cancel the EMI. It will cancelled within 7 days.
• Cancellation Window: Within 7 days.
• Charges: 1 EMI cancellation free / quarter i.e all charges will get reversed. Beyond 1 / qtr, charges are applicable
• More Details: Refer to this link

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hi, Is this Wiki updated?