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

215°

2613
11
Last Comment 2021-01-24

2021-01-22

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

10 Comments |

6 Dimers

Sort By

https://www.desidime.com/discussions/hdfc-merchant-emi-foreclosure-query-banks-asks-to-clear-o-s-balance-in-4-days?page=1#post_7332670

dummyuser

2021-01-22

Link Copied

@caks2006407

https://www.desidime.com/discussions/hdfc-merchant-emi-foreclosure-query-banks-asks-to-clear-o-s-balance-in-4-days?page=1#post_7332713

caks2006407

2021-01-22

Link Copied

@panchabhut @andromeda @tank_u_m8 @dharmanath481
@TEMPER

https://www.desidime.com/discussions/hdfc-merchant-emi-foreclosure-query-banks-asks-to-clear-o-s-balance-in-4-days?page=1#post_7332723

andromeda

2021-01-22

Link Copied

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.

https://www.desidime.com/discussions/hdfc-merchant-emi-foreclosure-query-banks-asks-to-clear-o-s-balance-in-4-days?page=1#post_7333067

tank_u_m8

2021-01-22

Link Copied

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.

https://www.desidime.com/discussions/hdfc-merchant-emi-foreclosure-query-banks-asks-to-clear-o-s-balance-in-4-days?page=1#post_7333230

pentiumd

2021-01-22

Link Copied

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.

View 3 more replies

https://www.desidime.com/discussions/hdfc-merchant-emi-foreclosure-query-banks-asks-to-clear-o-s-balance-in-4-days?page=1#post_7337610

freedealexpert

2021-01-24

Link Copied

@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.