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Save More this Festive Sale :: Grab the additional discount on No Cost Emi scheme as regular discount

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Deal Lieutenant
PunjabiBoyz

NOTE : Dont do this trick if you have a Cashback on EMI like HDFC Iphone offer gives 5K CB on iphones

I have tried this multiple times and is a sure shot scheme to get even more discount than what is offered by Amazon Flipkart.

You would have noticed when you opt for No cost Emi the Emi discount is provided to you upfront and you card is charged for lesser amount.

For e.g you buy a phone worth 10k nd 550 is the NCEMI discount for 6M emi then your credit card will be charged with 9450.

The catch here is that after your transaction has happened you need to call the bank and ask them that you need to Foreclose the emi and you are ready to pay the 9450 right away.

Icici, Hdfc, amex I have personally tried and never faced an issue.

You need to call Hdfc and Icici whereas Amex the chat works.
Icici needs to be done within 15 days for no charges
I think Axis also does it no questions asked i dont remember though about Axis i did it but can’t remember.

Sbi does it but they charge 3% foreclosure charges

This is totally legal in my understanding Emi is just a loan and you are preclosing it

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Deal Lieutenant Deal Lieutenant
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The reason flipkart and amazon offer NCEMI on their branded card is because of the same reason since they don’t offer 5% cashback if you go for emi

If you don’t do emi they offer 5% cashback so they are aware of this trick and keeping you out if hustle by offering that cashback upfront

Deal Lieutenant Deal Lieutenant
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To take the max benefit of this – Choose the highest duration NCEMI

Amazon – 50K LG tv the NCEMI discount is 8K on 24M Emi which you can grab as upfront discount

Deal Newbie Deal Newbie
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I guess, all major banks have foreclosure charges to overcome this trick.
RBL, Kotak Bank also has it

Please provide a definitive list of banks also, where they don’t have any foreclosure charges.

Deal Cadet Deal Cadet
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extra interest is charged never use this

Deal Lieutenant Deal Lieutenant
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pranavcool wrote:

extra interest is charged never use this

Lol – Which bank are you talking about, I was never charged ?

Also I have proofs to prove my point

Deal Lieutenant Deal Lieutenant
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gagan12121 wrote:

I guess, all major banks have foreclosure charges to overcome this trick.
RBL, Kotak Bank also has it

Please provide a definitive list of banks also, where they don’t have any foreclosure charges.

As I mentioned HDFC, ICICI & AMEX 0 Charges

SBI 3%

Axis mostly free if done in 7-15 days

Rest as you mentioned RBL, Kotak have charges

Also if disc% like 8K of 50K is 16% is much higher than 3% Foreclosure its still worth using the trick

Deal Lieutenant Deal Lieutenant
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sujith8786 wrote:

Will the foreclosure affect CIBIL?

No since that Foreclosure is of a emi in credit card, it doesnt appear in CIBIL anywhere

My CIBIL has been consistent and have bee doing this since 2 yrs

However my CIBIL recently fell but thats coz I had to apply personal loan, so ideally this has no effect on CIBIL

Post Emperor Post Emperor
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PunjabiBoyz wrote:

No since that Foreclosure is of a emi in credit card, it doesnt appear in CIBIL anywhere

My CIBIL has been consistent and have bee doing this since 2 yrs

However my CIBIL recently fell but thats coz I had to apply personal loan, so ideally this has no effect on CIBIL

Thanks bro

Deal Subedar Deal Subedar
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Is this for online purchases or can be used for offline purxhases?
Right now amex is offering discount for offline purchases.

Deal Lieutenant Deal Lieutenant
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I was told by hdfc cc that reward points will not be earned for the transaction? Is it true?  Also hdfc charges 199 rs processing fee for every emi

Analyst Analyst
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karthi4052752 wrote:

I was told by hdfc cc that reward points will not be earned for the transaction? Is it true?  Also hdfc charges 199 rs processing fee for every emi

This is correct. In addition to that, one has to clear all the outstanding charges on the card along with the foreclosure amount

@PunjabiBoyz

Commentator Commentator
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Sbi won’t let you, foreclosure merchant EMI.

Analyst Analyst
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nimod wrote:

Is this for online purchases or can be used for offline purxhases?
Right now amex is offering discount for offline purchases.

I did for offline too some time in 2017. Not sure if there are any recent changes

Deal Cadet Deal Cadet
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PunjabiBoyz wrote:

Lol – Which bank are you talking about, I was never charged ?

Also I have proofs to prove my point

.

Flame Flame
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PunjabiBoyz wrote:

As I mentioned HDFC, ICICI & AMEX 0 Charges

SBI 3%

Axis mostly free if done in 7-15 days

Rest as you mentioned RBL, Kotak have charges

Also if disc% like 8K of 50K is 16% is much higher than 3% Foreclosure its still worth using the trick

I am sorry but for hdfc its not free as far as I know.. we need to pay emi processing charges 199+gst and plus additional pro-rata charges for closing.. it is still definitely good as this is very minimal compared to discounts received.. also, have you been doing this always.. I did it 2-3 times then fearing card blockage stopped it.. this is an unknown loot and if done multiple times, it’s a loss to bank and finally they’ll block the user that’s what I thought.

Deal Lieutenant Deal Lieutenant
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andromeda wrote:

This is correct. In addition to that, one has to clear all the outstanding charges on the card along with the foreclosure amount

@PunjabiBoyz

Yes good that you brought this point up you need to clear Hdfc non emi outstanding so basically your last monthly cc bill and what you spend in the current month
and yes they charge 199+Gst

Potentially if you have a good hefty emi discount then all this effort is worth

Deal Lieutenant Deal Lieutenant
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nimod wrote:

Is this for online purchases or can be used for offline purxhases?
Right now amex is offering discount for offline purchases.

Works for Offline as well

However if you cancel the emi amex cashback might not work so check that once in their T&C

Deal Lieutenant Deal Lieutenant
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chantz wrote:

Sbi won’t let you, foreclosure merchant EMI.

Yes maybe i dont have Sbi so never tried but read on their page that they allow with charges

Let’s keep sbi out of the list then

Deal Lieutenant Deal Lieutenant
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Fanil wrote:

I am sorry but for hdfc its not free as far as I know.. we need to pay emi processing charges 199+gst and plus additional pro-rata charges for closing.. it is still definitely good as this is very minimal compared to discounts received.. also, have you been doing this always.. I did it 2-3 times then fearing card blockage stopped it.. this is an unknown loot and if done multiple times, it’s a loss to bank and finally they’ll block the user that’s what I thought.

No bro ur paying them eventually

Loot would be if you don’t pay them

I don’t see any reason where you don’t fulfill what bank asks so they won’t block

Thanks for adding you have done it successfully adds confidence to other dimers

Pro Shopping Friend Pro Shopping Friend
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karthi4052752 wrote:

I was told by hdfc cc that reward points will not be earned for the transaction? Is it true?  Also hdfc charges 199 rs processing fee for every emi

Many cards do not give rewards for EMI txns, like SBI,Amex,…
HDFC gives points for flight tickets EMI txn thru smartbuy, NCEMI not available there anyways

Deal Lieutenant Deal Lieutenant
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caks2006407 wrote:

Many cards do not give rewards for EMI txns, like SBI,Amex,…
HDFC gives points for flight tickets EMI txn thru smartbuy, NCEMI not available there anyways

Nc emi is also an emi if I am not wrong?

Commentator Commentator
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PunjabiBoyz wrote:

Yes maybe i dont have Sbi so never tried but read on their page that they allow with charges

Let’s keep sbi out of the list then

I have it. I tried pre-closure and foreclosure on my merchant EMI. They said it’s not possible with the merchant EMI.

Flame Flame
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PunjabiBoyz wrote:

Yes maybe i dont have Sbi so never tried but read on their page that they allow with charges

Let’s keep sbi out of the list then

I requested pre-closure of emi for Flipkart purchase, they told 3% charges.. the 3% charges and instant discount were adding to be same so decided not to go ahead.. not sure about offline @chantz

Commentator Commentator
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Fanil wrote:

I requested pre-closure of emi for Flipkart purchase, they told 3% charges.. the 3% charges and instant discount were adding to be same so decided not to go ahead.. not sure about offline @chantz

I recently bought Mi 11x from Amazon on EMI. Couldn’t close EMI.

Deal Lieutenant Deal Lieutenant
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chantz wrote:

I recently bought Mi 11x from Amazon on EMI. Couldn’t close EMI.

I assume your EMI was from SBI CC

Since I have tried from HDFC, ICICI & AMEX and none of them ask any Qs – Simply tell the amount to be paid and cancel the EMI

So in gist this trick works from the HDFC, ICICI & AMEX cards , AXIS as well maybe

Deal Newbie Deal Newbie
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PunjabiBoyz wrote:

I assume your EMI was from SBI CC

Since I have tried from HDFC, ICICI & AMEX and none of them ask any Qs – Simply tell the amount to be paid and cancel the EMI

So in gist this trick works from the HDFC, ICICI & AMEX cards , AXIS as well maybe

Do HDFC/ICICI/AXIS refund the processing fees charged of Rs 199+GST, if any ?

We have to consider that charge also.

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