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No Cost EMI - Cancellation - All Banks - Master Wiki

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The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.
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

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.

—-
 
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

hi, Is this Wiki updated?
 
HDFC Update as of 19th June 2025.

NCEMI Still works .

You take a NCEMI Online -> The EMI settles within 1-3 Days -> Login to Mycards and Click on Preclose the EMI -> an EMAIL will be recieved "Preclosure request related to your HDFC Bank Credit Card." -> The next day Pay the Amount mentioned in the Email , -> Say as per Below email i am supposed to pay 27363.08 by 28th April -> after doing that The amounts charged like Preclosure charges -> pro-rata interest -> Emi convertion charges will get reverted within 3 working days ( ie by 2nd May) .The GST paid for EMI processing fee wont be reverted. total loss 53.71 ruppes . (18% of 299/-)

Next steps for you:
1. ??Kindly make the payment on the next day of the preclosure date. (For e.g. if the preclosure is done on 27th April, make your payment on 28th April??)
2. Preclosed Loan Amount of Rs: 27363.08

Here's the break-up of your Pre-close Loan Amount:
1. Loan Outstanding: 26071.00
2. 3% Preclosure Charges: Rs. 782.13
3. Pro-rata interest Rs. 312.85}
4. GST (on Preclosure charges and pro-rata interest) : 197.1

Attaching Image for Reference . Screenshot 2025-06-19 at 8.34.10 PM.webp
 
HDFC Update as of 19th June 2025.

NCEMI Still works .

You take a NCEMI Online -> The EMI settles within 1-3 Days -> Login to Mycards and Click on Preclose the EMI -> an EMAIL will be recieved "Preclosure request related to your HDFC Bank Credit Card." -> The next day Pay the Amount mentioned in the Email , -> Say as per Below email i am supposed to pay 27363.08 by 28th April -> after doing that The amounts charged like Preclosure charges -> pro-rata interest -> Emi convertion charges will get reverted within 3 working days ( ie by 2nd May) .The GST paid for EMI processing fee wont be reverted. total loss 53.71 ruppes . (18% of 299/-)



Attaching Image for Reference . View attachment 101043
Did you do it after EMI conversion or before?
Also any pre-closure charges levied?
 
HDFC Update as of 19th June 2025.

NCEMI Still works .

You take a NCEMI Online -> The EMI settles within 1-3 Days -> Login to Mycards and Click on Preclose the EMI -> an EMAIL will be recieved "Preclosure request related to your HDFC Bank Credit Card." -> The next day Pay the Amount mentioned in the Email , -> Say as per Below email i am supposed to pay 27363.08 by 28th April -> after doing that The amounts charged like Preclosure charges -> pro-rata interest -> Emi convertion charges will get reverted within 3 working days ( ie by 2nd May) .The GST paid for EMI processing fee wont be reverted. total loss 53.71 ruppes . (18% of 299/-)



Attaching Image for Reference . View attachment 101043
what is profit then?
 
HDFC Update as of 19th June 2025.

NCEMI Still works .

You take a NCEMI Online -> The EMI settles within 1-3 Days -> Login to Mycards and Click on Preclose the EMI -> an EMAIL will be recieved "Preclosure request related to your HDFC Bank Credit Card." -> The next day Pay the Amount mentioned in the Email , -> Say as per Below email i am supposed to pay 27363.08 by 28th April -> after doing that The amounts charged like Preclosure charges -> pro-rata interest -> Emi convertion charges will get reverted within 3 working days ( ie by 2nd May) .The GST paid for EMI processing fee wont be reverted. total loss 53.71 ruppes . (18% of 299/-)



Attaching Image for Reference . View attachment 101043
You didn't get charged 3% + GST for EMI foreclosure?
 
Just pay whatever it asks for, all will be reversed if u close the EMI within 3 days of conversion and pay as soon u receive an email with amount mentioned
this trick isn't new and has been there from quite a while. I am shocked to know many didn't knew this existed.
 
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