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

[lucifer69]

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

Damned, Then my overall saving using no cost emi after deducting everything will be 200-300 at max lol too much hassle

 

[lucifer69]

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.

Thanks a lot, I'll try tomorrow evening and then around 5pm total 24 hrs after settlement and will try the same from mycards and will see if it goes somewhere.
One interesting thing though while I was calling bank one of the customer agent told me that I can pre-close only but if I'll allow him he can cancel it by giving some reason and I'll be only paying 35rs extra as he's cancelling and not pre-closing. Call got disconnecting after he said I'm going to cancel it rn

 

[4uziaul]

Thanks a lot, I'll try tomorrow evening and then around 5pm total 24 hrs after settlement and will try the same from mycards and will see if it goes somewhere.
One interesting thing though while I was calling bank one of the customer agent told me that I can pre-close only but if I'll allow him he can cancel it by giving some reason and I'll be only paying 35rs extra as he's cancelling and not pre-closing. Call got disconnecting after he said I'm going to cancel it rn

Try calling them again right now and see what their response is. Even if they charge you ₹35, it's still a good amount of savings for you.

 

[lucifer69]

Try calling them again right now and see what their response is. Even if they charge you ₹35, it's still a good amount of savings for you.

I'm calling again then. I'm even ready to pay till 500 if that works. Still, Savings will call right now and update

 

[lucifer69]

Try calling them again right now and see what their response is. Even if they charge you ₹35, it's still a good amount of savings for you.

Hi, I called them. Here's the information.
I wanted to pre-closure and bank executive told me that someone already raised a cancellation request for your loan but it'll be completed by 24th i.e After Bill generation and I've to pay my first EMI and this request can't be stopped. He asked if the product is cancelled ? I said no he confirmed but already request is placed and don't worry pay your first EMI as scheduled on 20th and rest of your bill and on 24th the request will be completed and then you've to pay 44782 ( whole amount ) and the EMI you'll be paying will be reversed including all charges except 18% GST ( 35 rs ). Asked for confirmation and he said it's 100%

Tl;DR
1.) Cancellation request is raised already even though call was disconnected
2,.) Had to Pay my EMI as per date
3.) EMI will be cancelled on 24th
4.) Need to pay whole amount within 24 hrs ( Will receive mail and call )
5.) EMI will be reversed including charges
Now, Does it seems genuine to you or I'll be tricked by BANK into paying emi and get it billed ?

 

[4uziaul]

Hi, I called them. Here's the information.
I wanted to pre-closure and bank executive told me that someone already raised a cancellation request for your loan but it'll be completed by 24th i.e After Bill generation and I've to pay my first EMI and this request can't be stopped. He asked if the product is cancelled ? I said no he confirmed but already request is placed and don't worry pay your first EMI as scheduled on 20th and rest of your bill and on 24th the request will be completed and then you've to pay 44782 ( whole amount ) and the EMI you'll be paying will be reversed including all charges except 18% GST ( 35 rs ). Asked for confirmation and he said it's 100%

Tl;DR
1.) Cancellation request is raised already even though call was disconnected
2,.) Had to Pay my EMI as per date
3.) EMI will be cancelled on 24th
4.) Need to pay whole amount within 24 hrs ( Will receive mail and call )
5.) EMI will be reversed including charges
Now, Does it seems genuine to you or I'll be tricked by BANK into paying emi and get it billed ?

It's genuine; you can safely go ahead and make the payment. If you still feel wary even after making the payment, you can call them again and record the entire conversation, but only do so if you don't trust them. 🤣

 

[lucifer69]

It's genuine; you can safely go ahead and make the payment. If you still feel wary even after making the payment, you can call them again and record the entire conversation, but only do so if you don't trust them. 🤣

Will call them for sure tomorrow to see if another executive says the same thing as everyone saying a different thing like the one earlier told about doing it on 21 and this one said can't do it because the cancel request is there. Nice suggestion to record it's HDFC

 

[lucifer69]

It's genuine; you can safely go ahead and make the payment. If you still feel wary even after making the payment, you can call them again and record the entire conversation, but only do so if you don't trust them. 🤣

Update : Recieved call from HDFC branch as I had raised a complaint ( even I don't remember ) they confirmed EMI is cancelled and will be reflected in 24 hrs.
1.) There's no EMI shown under Linked EMI's on mycards
2.) HDFC App still shows EMI tenure with all payment schedule
3.) 199 rs is deducted just after the call
4.) I'm being told to pay after bill generation only which is 20th again i.e Today
5.) Told me to pay all 56K o/s and whatever the charges and all be adjusted in next bill
6.) Confirmed on mycards again and there is not linked EMI's
Should I pay right now or after tomorrow only as BILL generation date is today

 

[4uziaul]

Update : Recieved call from HDFC branch as I had raised a complaint ( even I don't remember ) they confirmed EMI is cancelled and will be reflected in 24 hrs.
1.) There's no EMI shown under Linked EMI's on mycards
2.) HDFC App still shows EMI tenure with all payment schedule
3.) 199 rs is deducted just after the call
4.) I'm being told to pay after bill generation only which is 20th again i.e Today
5.) Told me to pay all 56K o/s and whatever the charges and all be adjusted in next bill
6.) Confirmed on mycards again and there is not linked EMI's
Should I pay right now or after tomorrow only as BILL generation date is today

Make sure to pay it within 24 hours.

 

[lucifer69]

Make sure to pay it within 24 hours.

I got call at 3pm today when they confirmed. So, You mean I should pay the amount right now before 12pm right ? I thought it's okay to pay after bill generation

 

[Rkr]

I got call at 3pm today when they confirmed. So, You mean I should pay the amount right now before 12pm right ? I thought it's okay to pay after bill generation

Better pay today itself.

 

[lucifer69]

Better pay today itself.

Paying right now through cred for instant settlement

 

[lucifer69]

Better pay today itself.

Do I have to pay the exact amount ? It's 44700+ but not sure about the charges. Is it fine if I pay 45 ?

 

[Rkr]

Do I have to pay the exact amount ? It's 44700+ but not sure about the charges. Is it fine if I pay 45

Better pay exact amount as its showing in outstanding balance.

 

[4uziaul]

Do I have to pay the exact amount ? It's 44700+ but not sure about the charges. Is it fine if I pay 45 ?

Pay little extra to be on the safer side.

 

[Rkr]

Pay little extra to be on the safer side.

@whoanuragbhardwaj , Agreed If anyhow you will pay little extra and its indeed extra as per system then it will show as negative balance/excess balance which inturn you can adjust in next transaction on your card...

 

[lucifer69]

Better pay exact amount as its showing in outstanding balance.

Actually, My total outstanding consists of this purchase plus 7K I used over the month. This is product price 44786.88 at merchant and my total O/S is Total Debits : 58141.49

 

[lucifer69]

Pay little extra to be on the safer side.

I've shared the amounts in my next comment. As per that should I pay 45K or whole 58150 ?

 

[Rkr]

Actually, My total outstanding consists of this purchase plus 7K I used over the month. This is product price 44786.88 at merchant and my total O/S is Total Debits : 58141.49

If its going to be added in upcoming statment then better pay atleast this time the whole outstanding to make your outstanding on current to zero.There after use it normally.

 

[4uziaul]

I've shared the amounts in my next comment. As per that should I pay 45K or whole 58150 ?

For now, your primary focus should be on closing the EMI. Try to pay that amount with a little extra if possible or else pay the entire outstanding amount.