EMI or Non-EMI

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Deal Cadet
sriram

I want to buy from Reliance Digital which is offering 10% off upto 1500rs. on Non-EMI and 10% off upto 10,000/- on No-cost EMI. Since I intend to purchase for 30,000 rs. i want to avail No-cost EMI. But i have never done EMI transactions. Are there any other charges involved in a no-cost EMI deal. Please advise.

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book on no-cost emi with maximum time duration and then after a week, call the bank customer care & cancel/foreclose the emi. it may be free cancellation or 2-3% cancellation fees. but you will save more money in terms of no-cost emi discount.

let me know the bank name, maximum duration of no-cost emi and no-cost emi discount. i can tell you the savings after cancelling emi..

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pentiumd wrote:

book on no-cost emi with maximum time duration and then after a week, call the bank customer care & cancel/foreclose the emi. it may be free cancellation or 2-3% cancellation fees. but you will save more money in terms of no-cost emi discount.

let me know the bank name, maximum duration of no-cost emi and no-cost emi discount. i can tell you the savings after cancelling emi..

Reliance Digital offers 10% cashback only. If i cancel no-cost EMI then I will not get 10% cashback.

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sriram wrote:

Reliance Digital offers 10% cashback only. If i cancel no-cost EMI then I will not get 10% cashback.

confirm if it is discount or cashback. what i said will work for discount only.

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pentiumd wrote:

confirm if it is discount or cashback. what i said will work for discount only.

10% cashback offer

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pentiumd wrote:

when will be the cashback given ? after how many days ?

Cashback for eligible transactions would be posted by 90 working days. Should i pay extra charges for No-cost EMI?

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sriram wrote:

Cashback for eligible transactions would be posted by 90 working days. Should i pay extra charges for No-cost EMI?

what is the maximum duration of no cost emi ? the extra charges for you will be 18% gst on interest amount.

you can try to close emi after 90 days and getting cashback. if your emi duration will be more like 24 months.. check the maximum allowed no-cost emi duration

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No Cost EMI is OK but 18% GST on every emi interest on credit card EMI, so you have to still pay extra in the form GST.

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pentiumd wrote:

book on no-cost emi with maximum time duration and then after a week, call the bank customer care & cancel/foreclose the emi. it may be free cancellation or 2-3% cancellation fees. but you will save more money in terms of no-cost emi discount.

let me know the bank name, maximum duration of no-cost emi and no-cost emi discount. i can tell you the savings after cancelling emi..

I ve taken 6 month no cost emi using HDFC debit card. . First month emi scheduled on Feb 5 th.. Product price was ₹13000.. Then 10% discount applied.. Final price was ₹11700.. provided upfront discount ₹527..emi shown as per Amazon is 1949 for six month.. But in my statement from HDFC mentioned as 1994 with processing charge of 199 and 18% GST .. Total amount due is ₹2229.. Can you help me?

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VimAl_Raj wrote:

I ve taken 6 month no cost emi using HDFC debit card. . First month emi scheduled on Feb 5 th.. Product price was ₹13000.. Then 10% discount applied.. Final price was ₹11700.. provided upfront discount ₹527..emi shown as per Amazon is 1949 for six month.. But in my statement from HDFC mentioned as 1994 with processing charge of 199 and 18% GST .. Total amount due is ₹2229.. Can you help me?

call customer care & cancel/foreclose/preclose the emi. different banks use different words but it means same. be ready to pay the full amount in 2 days.

you would have to pay first emi 2229+ 9706 balance principal

you will save some interest..

if you want to continue emi due to money crunch then its upto you

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VimAl_Raj wrote:

I ve taken 6 month no cost emi using HDFC debit card. . First month emi scheduled on Feb 5 th.. Product price was ₹13000.. Then 10% discount applied.. Final price was ₹11700.. provided upfront discount ₹527..emi shown as per Amazon is 1949 for six month.. But in my statement from HDFC mentioned as 1994 with processing charge of 199 and 18% GST .. Total amount due is ₹2229.. Can you help me?

Same happened with me as well.

As per customer care, this is because the date of EMI charged(in statement) and actual transaction date – the difference between the two. They are charging extra interest for this difference and this was only for first installment, rest all will be lower.
You can check this in the EMI Moratorium email that they send with all TnC.

So basically, suppose you did No cost emi transaction on 1st of January, since HDFC deducted(or mentioned in your statement) first installment on 15th of January they are charging extra interest for these 14 days

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raman12 wrote:

Same happened with me as well.

As per customer care, this is because the date of EMI charged(in statement) and actual transaction date – the difference between the two. They are charging extra interest for this difference and this was only for first installment, rest all will be lower.
You can check this in the EMI Moratorium email that they send with all TnC.

So basically, suppose you did No cost emi transaction on 1st of January, since HDFC deducted(or mentioned in your statement) first installment on 15th of January they are charging extra interest for these 14 days

Yeah

Yeah.

Already confirmed with cc . This month emi has been reduced to correct amount..

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VimAl_Raj wrote:

Yeah

Yeah.

Already confirmed with cc . This month emi has been reduced to correct amount..

They refunded that extra EMI in first statement?

Because this i see happening only with hdfc, with ICICI i not face any such problem

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VimAl_Raj wrote:

Yeah

Yeah.

Already confirmed with cc . This month emi has been reduced to correct amount..

I think customer care not sharing correct info. Its because of GST charged on interest amount ( this is not refunded even in no cost emi transaction) because difference amount happens to be exact 18%

I noticed this just now when no customer care person had an answer blush

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raman12 wrote:

They refunded that extra EMI in first statement?

Because this i see happening only with hdfc, with ICICI i not face any such problem

Didn’t refund.. Pathetic HDFC

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