Axis Bank taking stand of EMI Foreclosure misuse
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Email received from Axis Bank today stating changes to Minimum Amount Due and EMI/Loan Foreclosure. The changes for EMI/Loan Foreclosure has more importance to us:
- Terms and conditions for EMI/Loan Foreclosure: In accordance with the existing terms and conditions, if a Loan facility/Loan is foreclosed by the cardholder during its tenure, the cardholder shall be liable to repay Total Outstanding due (including the principal outstanding, foreclosure charge and the interest on the loan for the actual number of days till closure) from the last billing date till the date of closure of Loan Facility/Loan, to the Bank.
- Above changes shall be applicable across Instant Loan on Credit Card, Balance on EMI, Convert purchases into EMIs (Conversion of Transaction into EMI or Merchant EMI) across all Axis Bank Credit Cards. All other charges with regards to loan foreclosure shall remain as per the existing terms and conditions https://www.axisbank.com/retail/cards/credit-card/useful-links/card-services
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So what exactly is changed here?
Earlier also, principal was anyway payable, interest charges for no. of days loan was in force was also payable. Foreclosure charges are new?
this is doesn't hurt the ncemi abuse, few day interest and foreclosure charges is minimal compared to 6 month interest saved
In future they may forfeit upfront discount of ncemi too as they are taking note of rampant misuse and abuse of this system.
Genuine users already suffered a lot due to these abusers in case of rent payments / reduction in reward points.
I hope all banks follow this and stop this credit card misuse dhanda that is going on.
I agree with Axis Bank....same is with sbi card and its every bank policy