EMI charges after order is cancelled

38°
Missing
Deal Subedar
310
1194
22

I have ordered a product from Amazon using EMI, how much will I loose, if order is cancelled?
Kindly share your experience.

13 Comments  |  
5 Dimers
Missing
Deal Cadet
50
229
3

You will have to pay interest that will occur on the emi..amazon will refund the amount only bit you will have to contact your bank for emi cancellation

Missing
Deal Subedar
42
1682
16

Contact bank and ask them to reverse EMI once payment is reversed.

Missing
Deal Subedar
310
1194
22
hacker96 wrote:

You will have to pay interest that will occur on the emi..amazon will refund the amount only bit you will have to contact your bank for emi cancellation

Why should interest be paid, as the whole order will be cancelled.

Missing
Deal Cadet
50
229
3
Expand
coolbuddy wrote:

Why should interest be paid, as the whole order will be cancelled.

But emi will not be cancelled..Amazon will refund the value of the product directly but to get interest that Will be charged on emi can be reversed by bank only..

Missing
Deal Cadet
121
812
17
Expand
coolbuddy wrote:

Why should interest be paid, as the whole order will be cancelled.

If whole order cancel then no charges need to pay. All emi will closed by calling cc

Missing
Deal Cadet
50
229
3

It is like if the product price is 1000 and you convert it into emi of 2 months.you need to pay like 550 per month for 2 months…so it means you will be paying 100 rs more as interest..Now if you cancel the order ,,1000 rs will be refunded to you by amazon but that 100 rs would be charged as interest because emi is not cancelled….
Hope you understand

Missing
Deal Cadet
50
229
3

So cancell the emi by calling your credit card issuer to save yourself from interest charges

Missing
Deal Subedar
310
1194
22
hacker96 wrote:

So cancell the emi by calling your credit card issuer to save yourself from interest charges

Will I be able to see the EMI in the statement when gets generated?

Missing
Deal Subedar
42
1682
16
hacker96 wrote:

It is like if the product price is 1000 and you convert it into emi of 2 months.you need to pay like 550 per month for 2 months…so it means you will be paying 100 rs more as interest..Now if you cancel the order ,,1000 rs will be refunded to you by amazon but that 100 rs would be charged as interest because emi is not cancelled….
Hope you understand

Nope. Once the original charge has been reversed you can contact the card issuing bank and ask them to reverse the EMI. They will reverse everything incl GST.

Just make sure to pay credit card due amount if reversal takes time. To avoid finance charges.

Missing
Deal Cadet
88
994
8

I think any emi can be cancelled by two ways
1. Directly call to the bank CC .( Some Banks has charges but I did recently with ICICI within 15 days no charges)
2.If ecommerce cancelled your order , most probably within return window it will auto closed. No need to do anything.( I have seen zestmoney emi auto closes when flipkart refunds the money)

Hope it helps you few things wink

Missing
Deal Cadet
50
229
3
Expand
igen wrote:

Nope. Once the original charge has been reversed you can contact the card issuing bank and ask them to reverse the EMI. They will reverse everything incl GST.

Just make sure to pay credit card due amount if reversal takes time. To avoid finance charges.

That is what i mentioned,,if emi is not cancelled..He will be giving interest .

Missing