Tata Neu Infinity - No Cost EMI discount

[curios_mind_huh]

I am trying to get a new product (Samsung Tab S9 ultra) from Tata Neu at Rs.98,099. HDFC has a Rs.12,000 instant discount on top of it for No-Cost EMI option. For the highest tenure of 18 months, I should get a further discount of Rs.9427 for interest charged (image below):
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But when I went ahead to the payment page (image below), it was asking me to pay Rs.86,099 without the discount for emi interest. Normally when I go for a no-cost emi on other sites, they provide the no-cost emi interest as an upfront discount as well. I checked this case with Flipkart for the same product as well. But I couldn't see it replicated in this case for Tata Neu (or Croma I guess).


So, Will the emi interest of Rs.9427 be reversed after completing my payment? If so, When can I expect this amount being credited to my card? My motivation here is to cancel the no-cost emi citing some reasons right after I get the emi interest credited. I know there might be foreclosure charges with HDFC, but I assume that would be far lesser than the Rs.9427 discount I'm getting. Are there any edge cases here I'm missing here?

Update to everyone: Croma credited back the original Rs.86,099 within 3 days and after then, HDFC made a emi with principal of Rs.76,671 (86,099 - No Cost Discount).

I called HDFC two days back to cancel the EMI citing I wasn't aware of the GST on interest portion. They cancelled the EMI today and reversed the processing fee as well. GST on the 199 processing fee wasn't removed though. All in all, I got a great deal.

 

[LordPSN]

N o o

 

[AllThatStuff]

I faced a similar situation while purchasing iPhone 15 plus 256GB recently (obviously for a friend 😛) from Croma store!!
The final payment amount did not include the No-cost EMI discount on POS machine.

 

[sxchzy]

escalate this to hdfc and tata neu customer care

 

[curios_mind_huh]

escalate this to hdfc and tata neu customer care

By the time they respond, I'm afraid the deal's getting over. I'm jumping the rope on this one.

 

[LordPSN]

By the time they respond, I'm afraid the deal's getting over. I'm jumping the rope on this one.

You won't get Neu coins.

 

[curios_mind_huh]

I faced a similar situation while purchasing iPhone 15 plus 256GB recently (obviously for a friend 😛) from Croma store!!
The final payment amount did not include the No-cost EMI discount on POS machine.

Did you get the interest discount at least when the monthly payments started rolling in?

 

[AllThatStuff]

Did you get the interest discount at least when the monthly payments started rolling in?

Sorry I forget to mention…I didn’t make the purchase from Croma 😛

 

[panchabhut]

For all no cost EMI, the banks charge interest and the interest cost is supposed to be adjusted by the merchant on purchase price. But bank will charge GST @ 18% on interest which is payable by the customer. So make sure to always factor in this while availing no cost EMI offers.

 

[curios_mind_huh]

For all no cost EMI, the banks charge interest and the interest cost is supposed to be adjusted by the merchant on purchase price. But bank will charge GST @ 18% on interest which is payable by the customer. So make sure to always factor in this while availing no cost EMI offers.

The GST for interest component will be around 1700 and the processing fee is 235 (incl. GST). Considering I spread this over 18 months, I'll get it at 2.8% per annum instead of the advertised "no-cost" emi. But still, it is loads better than paying 86k upfront right now.

 

[D₹V]

I am trying to get a new product (Samsung Tab S9 ultra) from Tata Neu at Rs.98,099. HDFC has a Rs.12,000 instant discount on top of it for No-Cost EMI option. For the highest tenure of 18 months, I should get a further discount of Rs.9427 for interest charged (image below):
t

But when I went ahead to the payment page (image below), it was asking me to pay Rs.86,099 without the discount for emi interest. Normally when I go for a no-cost emi on other sites, they provide the no-cost emi interest as an upfront discount as well. I checked this case with Flipkart for the same product as well. But I couldn't see it replicated in this case for Tata Neu (or Croma I guess).


So, Will the emi interest of Rs.9427 be reversed after completing my payment? If so, When can I expect this amount being credited to my card? My motivation here is to cancel the no-cost emi citing some reasons right after I get the emi interest credited. I know there might be foreclosure charges with HDFC, but I assume that would be far lesser than the Rs.9427 discount I'm getting. Are there any edge cases here I'm missing here?

Mostly bug in Tata Neu, raise issue with them.

 

[maheshspanicker]

When buying stuff from Samsung offline stores, the no cost EMI discount is usually credited as a cashback to the card. That was the experience when I got a fridge from them. Was on an ICICI card, and the cashback was to be credited within 3 months according to the store, but got credited in 2 months. Can check with the Tata Neu customercare on this. Even if you don't buy, do get in touch with them and please update here for us also.

 

[curios_mind_huh]

Mostly bug in Tata Neu, raise issue with them.

I contacted the croma team. The no cost emi discount of ₹9427 will be credited as cashback after 90 working days. It would've been better if it was offset against the emi itself

 

[D₹V]

I contacted the croma team. The no cost emi discount of ₹9427 will be credited as cashback after 90 working days. It would've been better if it was offset against the emi itself

Y e s.

 

[curios_mind_huh]

Update to everyone: Croma credited back the original Rs.86,099 within 3 days and after then, HDFC made a emi with principal of Rs.76,671 (86,099 - No Cost Discount).

I called HDFC two days back to cancel the EMI citing I wasn't aware of the GST on interest portion. They cancelled the EMI today and reversed the processing fee as well. GST on the 199 processing fee wasn't removed though. All in all, I got a great deal.

 

[D₹V]

Update to everyone: Croma credited back the original Rs.86,099 within 3 days and after then, HDFC made a emi with principal of Rs.76,671 (86,099 - No Cost Discount).

I called HDFC two days back to cancel the EMI citing I wasn't aware of the GST on interest portion. They cancelled the EMI today and reversed the processing fee as well. GST on the 199 processing fee wasn't removed though. All in all, I got a great deal.

You got a great deal, huh! 🤭

 

[curios_mind_huh]

You got a great deal, huh! 🤭

Even better. I got 750 coins (5%) for the order from Tata Neu and another 4320 coins ( 5% for the original Rs.86099 before emi conversion) since my billing date fell on the day after I placed the order.

I suspect HDFC might find a way to roll back the 4320 coins in the next cycle and I've closed the Tata Neu card for now, since it was anyways FYF and not LTF

 

[maheshspanicker]

For Croma offline no-cost EMI, the discount is instant on the Tata Neu HDFC cards. On both SBI and ICICI, I was told by the Croma executive, that the interest discount will come as a cashback to the card at some point of the EMI. Good on HDFC.

 

[D₹V]

Even better. I got 750 coins (5%) for the order from Tata Neu and another 4320 coins ( 5% for the original Rs.86099 before emi conversion) since my billing date fell on the day after I placed the order.

I suspect HDFC might find a way to roll back the 4320 coins in the next cycle and I've closed the Tata Neu card for now, since it was anyways FYF and not LTF

They'll rollback the neu coins I believe

 

[curios_mind_huh]

They'll rollback the neu coins I believe

That's why I closed the card before they rolled it back. I'm going to spend the neu coins as well just to be on the safer side. What would happen in that case?