EMI Cancellation query

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Deal Cadet
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Can I cancel EMI on credit card after buying a product on EMI?


Is it possible in SBI cards, I have heard on the forum that it is possible on Yes Bank cards.

26 Comments  |  
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In fact not possible on yes cards. They asked me to pay foreclosure fees. I have done this on ICICI cards for free of cost

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dummyuser wrote:

In fact not possible on yes cards. They asked me to pay foreclosure fees. I have done this on ICICI cards for free of cost

For ICICI, What if I cancel EMI for no cost emi purchase? Will I get the full benefit of upfront discount provided by merchants as no cost emi discount???

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Sins1995 wrote:

For ICICI, What if I cancel EMI for no cost emi purchase? Will I get the full benefit of upfront discount provided by merchants as no cost emi discount???

a big YES, tried and tested smiling_imp

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moriarty wrote:

Any idea for SBI Cards?

I am sick of SBI, I asked them this on call and on email (portal email/msgs) and both times they said 3%+gst.

anyone knows a trick to get cancellation of sbi merchant emi without foreclosure charges?

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did anyone get anyway?
can we cancel the conversion to emi before bank system does that?

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rogerthat wrote:

How to do this please guide

Just call ICICI and tell them “i want to make a one shot payment and no EMI”, and they will cancel it in 1 day, do this within 15 days of txn

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sobirvs wrote:

I am sick of SBI, I asked them this on call and on email (portal email/msgs) and both times they said 3%+gst.

anyone knows a trick to get cancellation of sbi merchant emi without foreclosure charges?

Its not possible, I booked a TV using no-cost EMI and what you said is right, they asked for 3% charges, so I decided to continue with the EMI

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dummyuser wrote:

Just call ICICI and tell them “i want to make a one shot payment and no EMI”, and they will cancel it in 1 day, do this within 15 days of txn

17 days.

Source : Confirmed with ICICI.

For Amex – cancel anytime, no time limit.

Source : Amex CC.

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sobirvs wrote:

17 days.

Source : Confirmed with ICICI.

For Amex – cancel anytime, no time limit.

Source : Amex CC.

Yani next time se icici card pe no cost emi lene ke and fir to pata hi hai kya karna hai.

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sobirvs wrote:

17 days.

Source : Confirmed with ICICI.

For Amex – cancel anytime, no time limit.

Source : Amex CC.

Thats right its 17 days, 2 days of buffer, sorry I function that way smile

Regd. Amex, I don’t think so, last time I asked, they said you have to pay the first EMI no matter what, only then you can cancel it, are you sure its exactly like ICICI

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amex ei done via directly them has alot of t&c but emi done via merchant has no t&c, cancel anytime.

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sobirvs wrote:

amex ei done via directly them has alot of t&c but emi done via merchant has no t&c, cancel anytime.

Thank you so much for this +KG
Totally was unaware of this, the last time they explained me 2% surcharge etc, I suppose they failed to mention about the fact it wasn’t applicable to merchant EMI.
Please do share such gold info plus1

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If one repays the remaining amount and clears the balance then wouldn’t it get cancelled itself? Or do we need to get in touch with the bank in this case?
@guest_999

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no it won’t cancel it self, bank will keep billing the monthly emi every month , u need to call cc to cancel first.

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billubakra wrote:

If one repays the remaining amount and clears the balance then wouldn’t it get cancelled itself? Or do we need to get in touch with the bank in this case?
@guest_999

I don’t think it works like that because when you take emi then account books of bank & seller have corresponding entries for this incl gst & other taxes & they all need to be rearranged if one wants to close the emi & pay the remaining amount in one go.

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guest_999 wrote:

I don’t think it works like that because when you take emi then account books of bank & seller have corresponding entries for this incl gst & other taxes & they all need to be rearranged if one wants to close the emi & pay the remaining amount in one go.

The question was not about books and no special entry is needed if the amount is deposited in one go. The bank’s permission is needed before hand for this.

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billubakra wrote:

The question was not about books and no special entry is needed if the amount is deposited in one go. The bank’s permission is needed before hand for this.

Are you sure? Bank’s permission is needed because they need to convey this info to seller first to give him time to make changes in their account book I think.

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guest_999 wrote:

Are you sure? Bank’s permission is needed because they need to convey this info to seller first to give him time to make changes in their account book I think.

Bhai books has nothing to do with this. Everything is taken care of by Finacle. Imagine how much time will it take to do this accounting thing for crores of people. Banks charge preclosure charges that’s it.

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billubakra wrote:

Bhai books has nothing to do with this. Everything is taken care of by Finacle. Imagine how much time will it take to do this accounting thing for crores of people. Banks charge preclosure charges that’s it.

Ok I thought finacle needed to have some human approval in system for changes to take place(like some notification with yes & no) hence the need to inform bank first.

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guest_999 wrote:

Ok I thought finacle needed to have some human approval in system for changes to take place(like some notification with yes & no) hence the need to inform bank first.

Human intervention is needed, it’s not AI lol but not for these simple entries. Imagine the human intervention needed for crores and crores of transactions like this.

Missing