No Cost EMI Explained: Is No Cost EMI Actually Free?

[4uziaul]

Hey, I just ordered a product worth 49900 on Amazon on No Cost EMI with 3K instant discount and the product cost was 46900 after that and there was 2200 no-cost EMI discount. Can someone guide me on how to cancel EMI and take that discount. I've all amount with me and can pay instantly as well. Just wanted to avail the 2K discount
@kvagarwal As you mentioned about foreclose charges as well. Can you tell me please ?
My Card is HDFC Milennia and billing date is also soon 20th so I want to clear it as soon as possible so that utilization will also be saved

Please ask your questions in one thread and wait for someone knowledgeable to answer them. 😂

 

[lucifer69]

Please ask your questions in one thread and wait for someone knowledgeable to answer them. 😂

Oh Thanks for the information. Actually, I had it opened at laptop and mobile and posted at both places. Will take care from next time.

 

[4uziaul]

Oh Thanks for the information. Actually, I had it opened at laptop and mobile and posted at both places. Will take care from next time.

Not an issue 👍

 

[Rkr]

Hey, I just ordered a product worth 49900 on Amazon on No Cost EMI with 3K instant discount and the product cost was 46900 after that and there was 2200 no-cost EMI discount. Can someone guide me on how to cancel EMI and take that discount. I've all amount with me and can pay instantly as well. Just wanted to avail the 2K discount
@kvagarwal As you mentioned about foreclose charges as well. Can you tell me please ?
My Card is HDFC Milennia and billing date is also soon 20th so I want to clear it as soon as possible so that utilization will also be saved

Kindky visit the below mentioned thread for better understanding.

Thread 'How to cancel no cost emi on a merchant transaction but get the interest as discount?' https://www.technofino.in/community...action-but-get-the-interest-as-discount.8984/

 

[thedator]

Hey, I just ordered a product worth 49900 on Amazon on No Cost EMI with 3K instant discount and the product cost was 46900 after that and there was 2200 no-cost EMI discount. Can someone guide me on how to cancel EMI and take that discount. I've all amount with me and can pay instantly as well. Just wanted to avail the 2K discount
@kvagarwal As you mentioned about foreclose charges as well. Can you tell me please ?
My Card is HDFC Milennia and billing date is also soon 20th so I want to clear it as soon as possible so that utilization will also be saved

Just call customer care and tell them to cancel the EMI (not foreclose it). That will do the trick.

 

[lucifer69]

Kindky visit the below mentioned thread for better understanding.

Thread 'How to cancel no cost emi on a merchant transaction but get the interest as discount?' https://www.technofino.in/community...action-but-get-the-interest-as-discount.8984/

Yes, I've looked into it and following the same but have some doubts. That's why looking for someone who can clear it all

 

[lucifer69]

Just call customer care and tell them to cancel the EMI (not foreclose it). That will do the trick.

After how many days am I supposed to do that ? I ordered today and it'll be delivered in 3 days i.e Tuesday

 

[4uziaul]

Yes, I've looked into it and following the same but have some doubts. That's why looking for someone who can clear it all

Call customer care and inquire whether the transaction has been settled or not. If it has, simply request them to cancel the EMI, and you won't be required to make any additional payments.

 

[lucifer69]

Call customer care and inquire whether the transaction has been settled or not. If it has, simply request them to cancel the EMI, and you won't be required to make any additional payments.

Okay, I'm calling them one question from your answer. Is it fine if I do it before product delivery as my product is not yet dispatched ?

 

[4uziaul]

Okay, I'm calling them one question from your answer. Is it fine if I do it before product delivery as my product is not yet dispatched ?

It is advisable to wait for them to dispatch the item, and you can safely wait for 3-4 days before requesting EMI cancellation.

 

[Rkr]

Okay, I'm calling them one question from your answer. Is it fine if I do it before product delivery as my product is not yet dispatched ?

One suggestion for you...Better prepare first then act..
You have acted first and now prepairing for how to deal..

Anyway few people already discussed in the Link that i have shared that within 15 days of transaction you can cancel the emi..Though as @4uziaul suggested ,kindly approach customer care and clarifying things from there.

 

[lucifer69]

It is advisable to wait for them to dispatch the item, and you can safely wait for 3-4 days before requesting EMI cancellation.

OKay, Okay. Thanks for this information. Actually, I was in hurry as my bill generation is on 20th. Thanks for the tip. I'll wait and then call after delivery.

 

[lucifer69]

One suggestion for you...Better prepare first then act..
You have acted first and now prepairing for how to deal..

Anyway few people already discussed in the Link that i have shared that within 15 days of transaction you can cancel the emi..Though as @4uziaul suggested ,kindly approach customer care and clarifying things from there.

Yes, I'll surely remember that. lesson learnt. Actually, I was following these threads to order this product with that trick from a long time but didn't went into details and hence messed up. Yes, I'll surely contact them once product will reach as suggested by that user above. Thanks

 

[lucifer69]

It is advisable to wait for them to dispatch the item, and you can safely wait for 3-4 days before requesting EMI cancellation.

Hey, the Product is delivered and EMI is posted at 5 pm today I tried to cancel it but I'm unable to do it and customer care said it can't be canceled till 21 as today is the same date. Tomorrow is ( one day before bill generation) and overmorrow is bill generation so do it on the 21st. Is it true and is there any consequences if I cancel it on 21st ?

 

[4uziaul]

Hey, the Product is delivered and EMI is posted at 5 pm today I tried to cancel it but I'm unable to do it and customer care said it can't be canceled till 21 as today is the same date. Tomorrow is ( one day before bill generation) and overmorrow is bill generation so do it on the 21st. Is it true and is there any consequences if I cancel it on 21st ?

I don't see any consequences as you are cancelling it immediately after it has been converted to EMI.

 

[lucifer69]

I don't see any consequences as you are cancelling it immediately after it has been converted to EMI.

Actually, I'm not able to cancel it immediately ( today ) and they're advising to cancel it on 21st. is it normal ?

 

[Rkr]

Actually, I'm not able to cancel it immediately ( today ) and they're advising to cancel it on 21st. is it normal ?

Do they have given any reason for the same ?
Why on 21st ?

 

[lucifer69]

Do they have given any reason for the same ?
Why on 21st ?

Yes,
18 - Because, EMI is settled today even though I purchased the product on 15th
19 - Because, It's one day before bill generation and we don't do that
20 - Because, It's bill generation date
21- Available
Maybe, I'm wrong but honestly I don't think the reason for 19 and 20th is valid.

 

[Rkr]

Yes,
18 - Because, EMI is settled today even though I purchased the product on 15th
19 - Because, It's one day before bill generation and we don't do that
20 - Because, It's bill generation date
21- Available
Maybe, I'm wrong but honestly I don't think the reason for 19 and 20th is valid.

Once emi ia billed , EMI cancellation will attract pre closure on principal outstanding plus gst on that..Win win for bank..

 

[4uziaul]

Yes,
18 - Because, EMI is settled today even though I purchased the product on 15th
19 - Because, It's one day before bill generation and we don't do that
20 - Because, It's bill generation date
21- Available
Maybe, I'm wrong but honestly I don't think the reason for 19 and 20th is valid.

The only valid and logical reason I can think of is that since the transaction was settled today, they are probably not getting the option to cancel it immediately, and that's why they are asking for 2-3 days' time. So, what you can do is try calling them again tomorrow and check their response.