HDFC Merchant EMI Foreclosure Query - Banks asks to clear o/s balance in 4 days

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Deal Subedar
dummyuser

As a dimer we tend to get the max benefit out of our purchases, since we can’t control our spendings.
I made a purchase with flipkart on nocost emi with my hdfc card, and while I spoke with bank I’d like to pay in full, they told me there’d be some nominal charges (which are ignorable in the grand scheme of things) however they have asked me to clear the principal & the current o/s balance in 4 days, which is very unusual.
Although with HDFC this has usually been the practise but I’d just like some expert opinion if this is inline with their MITC, and if the bank will really slap me with charges if I don’t clear the remaining o/s balance in 4 days

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Analyst Analyst
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You need to clear any outstanding amount along with your EMI amount I mentioned this in other discussions here. That’s why you need to time your purchases/offers etc

The situation is similar even if you wish to take the excess payment back to your account. Any excess payment can be returned only after adjusting any outstanding dues/EMIs etc.

Edit: I can’t recollect, but I remember reading the same their MITC. So its upto your patience/risk taking in dealing with HDFC if you chose not to pay the outstanding amount.

Deal Subedar Deal Subedar
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If you do not pay your os than they won’t close the EMI.
This is perfectly normal procedure as to close the EMI your payment should be in excess to what you already owe them. Basically you have to pay to restore your whole credit limit.
Also those nominal charges that they mentioned is generally not aplied in the end, each time they say you will be charged something and than they never apply them.

Deal Cadet Deal Cadet
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tank_u_m8 wrote:

If you do not pay your os than they won’t close the EMI.
This is perfectly normal procedure as to close the EMI your payment should be in excess to what you already owe them. Basically you have to pay to restore your whole credit limit.
Also those nominal charges that they mentioned is generally not aplied in the end, each time they say you will be charged something and than they never apply them.

100% correct.. done this once.. just pay the outstanding within 2 days. you will be charged 199+gst = 235 as emi processing fees apart from the principal amount.

also book no-cost emi with the maximum duration to extract maximum no-cost emi discount.

Analyst Analyst
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pentiumd wrote:

100% correct.. done this once.. just pay the outstanding within 2 days. you will be charged 199+gst = 235 as emi processing fees apart from the principal amount.

also book no-cost emi with the maximum duration to extract maximum no-cost emi discount.

So if this transaction goes via smartbuy, is it still eligible for cashback after cancellation of no cost EMI, any experience?

By the way, the normal rewards on this cancelled no cost EMI will not be available.

Deal Cadet Deal Cadet
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andromeda wrote:

So if this transaction goes via smartbuy, is it still eligible for cashback after cancellation of no cost EMI, any experience?

By the way, the normal rewards on this cancelled no cost EMI will not be available.

dont know about that. never tried this way.

Deal Subedar Deal Subedar
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tank_u_m8 wrote:

If you do not pay your os than they won’t close the EMI.
This is perfectly normal procedure as to close the EMI your payment should be in excess to what you already owe them. Basically you have to pay to restore your whole credit limit.
Also those nominal charges that they mentioned is generally not aplied in the end, each time they say you will be charged something and than they never apply them.

The emi is closed the moment we place a request. Once the emi is closed, they provide you with a timeline of 3 days.
With ICICI if you ask for closing the EMI, they will move the principal to unbilled and the regular cycle continues

Deal Subedar Deal Subedar
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@dummyuser You will need to pay full outstanding amount and emi principle also. No trick works on this 😄 can take help of other cc to pay hdfc cc bill.

Deal Subedar Deal Subedar
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freedealexpert wrote:

“can take help of other cc to pay hdfc cc bill.

Care to explain this

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