About no cost emi cancelation

Deal Newbie
Hey, can anyone tell me about the process of cancelation of a emi, for example if any mobile gives us (many time here no costs gets posted here) and people say to cancel the no cost emo, does the bank collects some charges like the one that was offered at the merchant side, for example 5k is the no cost interest is offlered as discount, does paying full at once / cancelling the emi works like that without adding that discounted interest?
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banks charge 2-3 % pre closure charges of remaining amount...plus gst

if total amount is like 100000 and 5000 is no cost emi interest...apporx 95k is blocked on ur card at the time of payment..and for that amount intrest will be charged and converted in to emi ..if u want to preclose then 5k will be saved but they ill charge 2-3 %  preclosure charges +gst and by default processing fee with gst

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