No cost emi from off line store forecloser - (HDFC)

[c.saha36]

I made a purchase with a No Cost EMI option at an offline store, but during the transaction, they charged me the full amount without any No Cost EMI discount. A few days later, I noticed in my bank statement that initially the whole amount was debited and then credited back. Subsequently, the EMI was set up with each installment for principal amount showing X minus 7 and interest will be charged as usual. Now, I'm wondering if I choose to close the EMI early, will the bank require me to pay back the full amount (X) or just the reduced EMI amount (X minus 7)? This is regarding an HDFC Bank transaction.

 

[NShah]

I made a purchase with a No Cost EMI option at an offline store, but during the transaction, they charged me the full amount without any No Cost EMI discount. A few days later, I noticed in my bank statement that initially the whole amount was debited and then credited back. Subsequently, the EMI was set up with each installment for principal amount showing X minus 7 and interest will be charged as usual. Now, I'm wondering if I choose to close the EMI early, will the bank require me to pay back the full amount (X) or just the reduced EMI amount (X minus 7)? This is regarding an HDFC Bank transaction.

Bank charge 2% to 3% of transaction amount as a pre closure fee
If no cost emi given by merchant then you avail that discount
You have to pay full transaction amount plus pre closure charges
you can cancel emi within 7 days without any charges contact hdfc cc for cancellation

 

[bitsst]

I made a purchase with a No Cost EMI option at an offline store, but during the transaction, they charged me the full amount without any No Cost EMI discount. A few days later, I noticed in my bank statement that initially the whole amount was debited and then credited back. Subsequently, the EMI was set up with each installment for principal amount showing X minus 7 and interest will be charged as usual. Now, I'm wondering if I choose to close the EMI early, will the bank require me to pay back the full amount (X) or just the reduced EMI amount (X minus 7)? This is regarding an HDFC Bank transaction.

Depends....

If the No Cost EMI's Interest is borne by the merchant, then only Principal plus interest for duration will be charged(I saved 10K by foreclosing No Cost EMI of 1.7Lacs on MacBook Pro).

But if no cost EMI is by the Bank(meaning bank was discounting), they will definitely impose a foreclosure charges of 2-4%.

 

[Batman]

Depends....

If the No Cost EMI's Interest is borne by the merchant, then only Principal plus interest for duration will be charged(I saved 10K by foreclosing No Cost EMI of 1.7Lacs on MacBook Pro).

But if no cost EMI is by the Bank(meaning bank was discounting), they will definitely impose a foreclosure charges of 2-4%.

@bitsst Can you please help me with this quotation?
This is purchase of Macbook Pro on Smart Buy. I have a DCB, and I plan to do this no cost 9 month EMI.

1. Is foreclosure possible? Will foreclosure attract charge of 3%, or can I just pay GST & service charge (199) and be done with it?
2. If foreclosed, will the 10,900 upfront discount be reversed?
3. What about rewards points - is the capping done per month, or on total amount? Meaning that, will I get 2500 (DCB max cap), or 2000 per month when EMI debits?

 

[bitsst]

@bitsst Can you please help me with this quotation?
This is purchase of Macbook Pro on Smart Buy. I have a DCB, and I plan to do this no cost 9 month EMI.

1. Is foreclosure possible? Will foreclosure attract charge of 3%, or can I just pay GST & service charge (199) and be done with it?
2. If foreclosed, will the 10,900 upfront discount be reversed?
3. What about rewards points - is the capping done per month, or on total amount? Meaning that, will I get 2500 (DCB max cap), or 2000 per month when EMI debits?

If you foreclose, the No Cost EMI discount of Rs. 10,926/- (borne by Apple) will be your savings plus 5K cashback will also be there. The only penalty will be interest from day to purchase to day of EMI closure request on (Item Value - EMI discount). However, whether you will get smartbuy reward points or not, I am not sure about that.

 

[Batman]

If you foreclose, the No Cost EMI discount of Rs. 10,926/- (borne by Apple) will be your savings plus 5K cashback will also be there. The only penalty will be interest from day to purchase to day of EMI closure request on (Item Value - EMI discount). However, whether you will get smartbuy reward points or not, I am not sure about that.

Thank you so much, this helps a lot. I was facing difficulty in determining who foots the NC EMI discount - Apple or HDFC. Also, no foreclosure fee is a relief.

Come to think of it, IF there's no RP rewarded, it would make more sense to buy this laptop from SBI Cashback card, and get 5% cashback (~9000). I tried the same on imagine store (without smartbuy) and for some reason I didn't see an option for EMI. I'll try again.

Thank you!