Flipkart EMI problem on Pixel 7a

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I.am.Dev

I got my pixel 7 yesterday. During order, on the payment summary page Rs Rs 6000 + Rs 4000 + Rs 2077 (as no cost EMI) discounts were added and 44021 were deducted from my HDFC credit card. But now I got HDFC EMI details and total EMIs amount is 44021+2077=46098.

Is there something wrong ?

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Bank will charge interest as usual, nothing wrong. To get the benefit of no cost emi discount, you need to cancel the emi and pay upfront.

That is how no cost emi work.

Rs 2077 is not a free discount it is just the interest part that you will be paying to bank returned to you by flipkart.

You pay bank the total amount (46098 in your case) and you get interest part as upfront discount by merchant (2077).

Bank will charge interest as usual, nothing wrong. To get the benefit of no cost emi discount, you need to cancel the emi and pay upfront.

But it's no cost EMI then why bank will charge interest ?

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I.am.Dev wrote:

But it's no cost EMI then why bank will charge interest ?

Normal emi:
suppose an item costs 10k, if you buy in normal emi, you will pay 10K + interest (10% assumed) = 11k

No cost emi:

Item cost 10k, interest rate= 10%( assumed) , no cost emi discount = approx 1000. Total 9K

You pay, 9k + interest 10% = 10,000.

*gst is charged extra on interest component, so you pay little extra than 10K

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I.am.Dev wrote:

But it's no cost EMI then why bank will charge interest ?

No cost EMI discount is given by Flipkart which is shown as upfront discount but bank charges interest. You are not paying anything extra from your pocket except processing fee+GST.

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piyush2251 wrote:

No cost EMI discount is given by Flipkart which is shown as upfront discount but bank charges interest. You are not paying anything extra from your pocket except processing fee+GST.

Total interest of 6 months is Rs 2077 which is already given by Flipkart as discount but as I understood bank will charge 18% every month on interest which is Rs 2077. Right?? So I'll have to pay 46098+373(18% of 2077). Right??

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I.am.Dev wrote:

Total interest of 6 months is Rs 2077 which is already given by Flipkart as discount but as I understood bank will charge 18% every month on interest which is Rs 2077. Right?? So I'll have to pay 46098+373(18% of 2077). Right??

Yes, but what you can do is cancel the emi from hdfc and then you only have to pay principal amount and not the 2077 rs interest.  You can cancel from mycards hdfc bank under linked emis

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legend101 wrote:

Yes, but what you can do is cancel the emi from hdfc and then you only have to pay principal amount and not the 2077 rs interest.  You can cancel from mycards hdfc bank under linked emis

Well don't try this with HDFC unless you want to pay pre closer charges.

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piyush2251 wrote:

Well don't try this with HDFC unless you want to pay pre closer charges.

I think Preclosure is different from Cancelling EMI.

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piyush2251 wrote:

Well don't try this with HDFC unless you want to pay pre closer charges.

There are not preclosure charges🤨
(Within certain period, not sure how long)

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legend101 wrote:

Yes, but what you can do is cancel the emi from hdfc and then you only have to pay principal amount and not the 2077 rs interest.  You can cancel from mycards hdfc bank under linked emis

But during payment I opted for 6 months EMI that's why Flipkart gave me discount of Rs 2077. So HDFC will allow me to cancel EMI?? And HDFC have converted my payment into EMI so even if I cancel they will charge penalty right??

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I.am.Dev wrote:

But during payment I opted for 6 months EMI that's why Flipkart gave me discount of Rs 2077. So HDFC will allow me to cancel EMI?? And HDFC have converted my payment into EMI so even if I cancel they will charge penalty right??

That is the trick, we buy at no cost emi and get the interest as upfront discount from merchant, but bank still charges the interest so we cancel the emi from bank and we dont have to pay interest. This can be done only after it is converted to emi by bank which takes 2-3 days, after that we can cancel emi and save interest.  There is no penalty for cancelling within 1 week of concersion for all banks, after that some banks charge pre closure charges. If you cancel now you will only be charged interest for 3 days and gst on that. You can see all charges by going to mycards hdfc portal - linked emis - cancel/preclose emi
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legend101 wrote:
That is the trick, we buy at no cost emi and get the interest as upfront discount from merchant, but bank still charges the interest so we cancel the emi from bank and we dont have to pay interest. This can be done only after it is converted to emi by bank which takes 2-3 days, after that we can cancel emi and save interest.  There is no penalty for cancelling within 1 week of concersion for all banks, after that some banks charge pre closure charges. If you cancel now you will only be charged interest for 3 days and gst on that. You can see all charges by going to mycards hdfc portal - linked emis - cancel/preclose emi

Thank you mere dost 2077 bach jayenge 😀

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I.am.Dev wrote:

Thank you mere dost 2077 bach jayenge 😀

One more thing in hdfc you need to pay whole amount cancelled emi within 24 hr. As single payment after cancellation of emi.

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Gauravmittal49589 wrote:

One more thing in hdfc you need to pay whole amount cancelled emi within 24 hr. As single payment after cancellation of emi.

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I.am.Dev wrote:

After you cancel emi, you will have to pay whole amount within 24 hours of cancellation
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legend101 wrote:
After you cancel emi, you will have to pay whole amount within 24 hours of cancellation

Why? Don't we have time till statement generation or due date?

Will reward points or cashback applicable on cancelled EMI amount?

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manehari wrote:

Why? Don't we have time till statement generation or due date?

Will reward points or cashback applicable on cancelled EMI amount?

Not for cancelled emi, it will ask payment for that amount within a day. No points for emi transaction even after cancellation

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legend101 wrote:
Not for cancelled emi, it will ask payment for that amount within a day. No points for emi transaction even after cancellation

OK. Thanks for info. Seems it is specific to HDFC

I cancelled my EMI in Axis last week by calling Customer care. They reversed processing fee and GST and have time till statement due date.
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manehari wrote:
OK. Thanks for info. Seems it is specific to HDFC

I cancelled my EMI in Axis last week by calling Customer care. They reversed processing fee and GST and have time till statement due date.

Thanks to all for this detailed discussion regarding EMI cancellation. KG @manehari @legend101 @Gauravmittal49589 @I.am.Dev

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manehari wrote:
OK. Thanks for info. Seems it is specific to HDFC

I cancelled my EMI in Axis last week by calling Customer care. They reversed processing fee and GST and have time till statement due date.

Yes in icici axis we can do after statement generation date

So basically in icici( confirm) a person can hold emi cancel payment till 50-60 days

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legend101 wrote:
After you cancel emi, you will have to pay whole amount within 24 hours of cancellation

I'm trying to cancel my EMI to to avoid Rs 2077 interest but still HDFC charging 489 as pro rata interest. What is this charge for I don't understand.

Should I proceed ? Also I don't have HDFC bank account.

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I.am.Dev wrote:

I'm trying to cancel my EMI to to avoid Rs 2077 interest but still HDFC charging 489 as pro rata interest. What is this charge for I don't understand.

Should I proceed ? Also I don't have HDFC bank account.

Interest from date of emi start to today. No need to gave bank account, cancel and pay normally.
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legend101 wrote:
Interest from date of emi start to today. No need to gave bank account, cancel and pay normally.

4 days interest 489 ?? 😯

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I.am.Dev wrote:

4 days interest 489 ?? 😯

Yeah thats weird, you can call bank to ask about that much interest. It might be first months interest if your statement date is within 1-2 days from now
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legend101 wrote:
Yeah thats weird, you can call bank to ask about that much interest. It might be first months interest if your statement date is within 1-2 days from now

Cancelled but 489 as interest is out of my understanding

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legend101 wrote:
Yeah thats weird, you can call bank to ask about that much interest. It might be first months interest if your statement date is within 1-2 days from now

It is still showing even after cancellation 😯

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I.am.Dev wrote:

It is still showing even after cancellation 😯

Takes time, just pay the amount it showed as final payment by tomorrow