No cost EMI foreclosure charges

[c9646]

Hey guys. I just bought a phone from Flipkart yesterday for around Rs. 60K after 12 months NCEMI and other discounts.

I was wondering if I can pay the total balance right now before it gets converted to EMI. Will I still get the foreclosure charges? Will the Rs. 10K EMI discount that I got be reversed?

Has anyone done this? If yes, please help out.

 

[Tamraj Kilvish]

Hey guys. I just bought a phone from Flipkart yesterday for around Rs. 60K after 12 months NCEMI and other discounts.

I was wondering if I can pay the total balance right now before it gets converted to EMI. Will I still get the foreclosure charges? Will the Rs. 10K EMI discount that I got be reversed?

Has anyone done this? If yes, please help out.

It depends on which bank's card you use, and if they don't charge Forclose charges for cancelling EMI within 7-10 days then it is good, otherwise you will have to pay 3-4% EMI Forclose charges

 

[Aegon]

Hey guys. I just bought a phone from Flipkart yesterday for around Rs. 60K after 12 months NCEMI and other discounts.

I was wondering if I can pay the total balance right now before it gets converted to EMI. Will I still get the foreclosure charges? Will the Rs. 10K EMI discount that I got be reversed?

Has anyone done this? If yes, please help out.

HDFC has 3% + gst as foreclosure charges.

The discount won't usually be reversed even though its mentioned in t&cs.

 

[c9646]

It depends on which bank's card you use, and if they don't charge Forclose charges for cancelling EMI within 7-10 days then it is good, otherwise you will have to pay 3-4% EMI Forclose charges

Bank is HDFC. I created this post in the HDFC sub-forum so I didn't think of mentioning it again 😅

 

[c9646]

HDFC has 3% + gst as foreclosure charges.

The discount won't usually be reversed even though its mentioned in t&cs.

Do they charge that even if I close it within 3 days of making the charge? Also the charge hasn't converted to EMI yet.

 

[Amit_1]

Hey guys. I just bought a phone from Flipkart yesterday for around Rs. 60K after 12 months NCEMI and other discounts.

I was wondering if I can pay the total balance right now before it gets converted to EMI. Will I still get the foreclosure charges? Will the Rs. 10K EMI discount that I got be reversed?

Has anyone done this? If yes, please help out.

HDFC has 3% + gst as foreclosure charges.

The discount won't usually be reversed even though its mentioned in t&cs.

Do they charge that even if I close it within 3 days of making the charge? Also the charge hasn't converted to EMI yet.

If you are using HDFC credit card with upfront NC-EMI discount.

1. You can cancel the converted EMI from mycards within 3 days of EMI conversion (Better to track-cancel on the same or next day of EMI conversion)
2. You'll receive an email from hdfc team with the amount mentioned to pay
3. Pay the stated amount in email
NOTE: (All above steps should be done within 3 days of EMI conversion)
4. You will recieve the full refund within 3-7 days including Pre-Closure charges with gst, EMI conversion charges (Only gst on EMI conv will not reversed)

Mark it as a solution if this solves your query.

 

[Tamraj Kilvish]

Bank is HDFC. I created this post in the HDFC sub-forum so I didn't think of mentioning it again 😅

Then you have to pay 3% +gst Forclose charges

 

[Amit_1]

Then you have to pay 3% +gst Forclose charges

Read last post, it has all the details

 

[altair21]

If you are using HDFC credit card with upfront NC-EMI discount.

1. You can cancel the converted EMI from mycards within 3 days of EMI conversion (Better to track-cancel on the same or next day of EMI conversion)
2. You'll receive an email from hdfc team with the amount mentioned to pay
3. Pay the stated amount in email
NOTE: (All above steps should be done within 3 days of EMI conversion)
4. You will recieve the full refund within 3-7 days including Pre-Closure charges with gst, EMI conversion charges (Only gst on EMI conv will not reversed)

Mark it as a solution if this solves your query.

is this confirmed? thinkinf of grabbing the s24U for my father, with ncemi trick, its costing me around 67.5K, also how do I tell if when emi is converted? last time according to customer care I closed the emi too early (I bought a tv from reliance digital), hence had to eat some charges

 

[Raghav2006Raghav2006 is verified member.]

Hi, I am also planning to purchase a phone from flipkart which only has ncemi option.
It has ncemi option on most banks and I don't require it and plan to take to to save some money.
Which bank credit card will be the best to cancel the ncemi with the lowest charges?
Indusind, Axis, HDFC Neu, ICICI, AU? I've got all these cards.

Thanks.

 

[Aegon]

is this confirmed? thinkinf of grabbing the s24U for my father, with ncemi trick, its costing me around 67.5K, also how do I tell if when emi is converted? last time according to customer care I closed the emi too early (I bought a tv from reliance digital), hence had to eat some charges

My RM mentioned that foreclosure charges exist but few folks in forum mentioned that closing withing 3 days doesn't attract charges, so not very sure.
PS: He is a competent RM, is knowledgeable and gets things done without cross selling anything.

 

[Amit_1]

is this confirmed? thinkinf of grabbing the s24U for my father, with ncemi trick, its costing me around 67.5K, also how do I tell if when emi is converted? last time according to customer care I closed the emi too early (I bought a tv from reliance digital), hence had to eat some charges

My RM mentioned that foreclosure charges exist but few folks in forum mentioned that closing withing 3 days doesn't attract charges, so not very sure.
PS: He is a competent RM, is knowledgeable and gets things done without cross selling anything.

I personally used the same method for HDFC NC Emi cancellation, so told you my experience

 

[Amit_1]

Hi, I am also planning to purchase a phone from flipkart which only has ncemi option.
It has ncemi option on most banks and I don't require it and plan to take to to save some money.
Which bank credit card will be the best to cancel the ncemi with the lowest charges?
Indusind, Axis, HDFC Neu, ICICI, AU? I've got all these cards.

Thanks.

ICICI > HDFC