Foreclosing No Cost EMIs
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Hi guys.
So this No cost EMI is everywhere now. Just wanted to get your opinion on how many people are opting for fore-closing the EMI? No cost EMIs provide upfront discount for the interest which you can get in your pocket just by simply closing the EMI as soon as it is opened by bank.
What has been you experience with the banks?
How easy was to deal with the bank to get your EMI closed?
Did you try the same with Debit card no cost EMIs?
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Oneplus?
I tried it many times. Normally i will close it after paying 1st month installment. SCB credit card.
Not tried with debit card EMI s
why would you wanna close it if its not costing you anything plus you get time to pay. unless you want that credit amount freed up for something else
He is talking about those EMI where mercharchant give exact amount of discount of total interest to be paid to bank . You see you get total interest discount on product and cancell the EMI with bank .so you wont pay that interest part to bank . But I think Bank will charge a foreclosure charge still a profit you earned .
what about hdfc ?? has anybody tried ?
My friend took no cost EMI on Debit card but he is not able to get it closed.
HDFC guys are telling him that you cannot close emi before 3 installments.
Not sure what is the experience with other people..
I’ve been doing this research on my cards with lot of “No Cost EMI” offers in recent sales. Here are my findings by talking to each customer care:
- Citibank Credit card:
Citi is the best – the EMI transactions can be cancelled/foreclosed anytime with outstanding amount charged to the statement. No charges. - HDFC Credit card:
No cancellation of EMI available, but EMI transaction can be foreclosed for zero charges with a big condition – need to pay complete card outstanding along with foreclosure amount within 3 days (if you’ve multiple EMI transactions running, you’ve to close all of them along with the foreclosed transaction) - ICICI Credit card:
Cancellation of EMI possible for free within 15 days of transaction with transaction amount charged to statement. After 15 days, foreclosure charges of 3% + current month EMI interest apply. - SBI Credit card:
No cancellation of EMI. Foreclosure is possible at any time with 3% foreclosure charges (mostly useless). - Yes Bank Credit card:
No cancellation of EMI. Foreclosure is possible at any time with 2% foreclosure charges (mostly useless).
Thanks for such an elaborate response. I’ll help everyone in future.
Amex also forecloses emi without any charges
https://i.snag.gy/ZUdo...pg