How to cancel EMI in HDFC credit card

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Deal Cadet
PrasadU

Yesterday i have bought ola s1 pro using HDFC cc with 7000 rs discount on 24 months emi, now I want to cancel the EMI, how can I do it ? Will there be any charges

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Deal Subedar Deal Subedar
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I thought if you buy something on emi and paid the whole amount before the statement generation, the emi will be auto cancelled.

Is this not the case with hdfc?
Deal Lieutenant Deal Lieutenant
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Nope.... I think only sbi has this catch.... If there is no outstanding on the card then it doesn't convert..

Don't have SBI.. but recall reading this

Deal Subedar Deal Subedar
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@JNR4U So what is the trick with hdfc? You just cancel emi? Are there charges?
Deal Lieutenant Deal Lieutenant
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@Demon_slayer Yes just cancel emi...they will reverse the processing fee of 199... Only gst of 36 will not get reversed, need to pay
Deal Cadet Deal Cadet
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Can someone confirm if EMI cancellation from My cards is working again or not

Deal Lieutenant Deal Lieutenant
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@CCnerd101 Don't have any open emi's now to check... Anyone else who tried? Pls confirm
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Deal Lieutenant Deal Lieutenant
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HDFC my cards portal is not working for online emi cancellation... After emi conversation call customer service and request for cancellation

Deal Cadet Deal Cadet
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We dont get points even after cancellation right? Someone mentioned that they got neucoins for tata neu card.

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Deal Newbie Deal Newbie
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What benefit do we get when we purchase in EMI and cancel the EMI and pay the full amount by following customer care.  If you had a plan of cancelling the EMI is it better to purchase fully upfront and why this hectic process to be followed with customer care 

Blaze Blaze
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It has benefits if emi can be cancelled. May not be with all banks but few

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Deal Subedar Deal Subedar
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I thought if you buy something on emi and paid the whole amount before the statement generation, the emi will be auto cancelled.

Is this not the case with hdfc?
Deal Lieutenant Deal Lieutenant
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Nope.... I think only sbi has this catch.... If there is no outstanding on the card then it doesn't convert..

Don't have SBI.. but recall reading this

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Deal Cadet Deal Cadet
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can someone please confirm if EMI Cancellation is working again on Mycards or not?
Deal Cadet Deal Cadet
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Yeah, i think its the same process whether we close through mycards or CC closes on our behalf.

Deal Lieutenant Deal Lieutenant
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Mycards link is working now for emi cancellation... I just cancelled one successfully

Deal Subedar Deal Subedar
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Me too, just cancelled one a few hours ago.
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Deal Newbie Deal Newbie
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Hi on mycards we have to use option of Loan Pre closure right?

There it is showing a charge of 107 as  Pro rata interest from last statement date though the emi transaction was done only 2 days back.

The processing charges not levied yet.

Appreciate any guidance on it.

Screenshot20240614230305Chrome

Deal Lieutenant Deal Lieutenant
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Go ahead and cancel... The interest shown here is incorrect.. processing fee will be reversed... Only gst 36 rupees + some few rupees as interest needs to be paid

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Finance Ninja Finance Ninja
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Delete

Finance Ninja Finance Ninja
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A small thread, hoping it helps.

For hdfc , emi can be cancelled within 3-4 days of transactions using the below 2 channels -

1) mycards app. If it doesn't work, try in working hours. Most of the time it's hazzle free.

2) call cc and request cancellation.

Credit card reward points on reversal awarded on cashback based cards like millennia & tataneu and reward points not awarded on regalia(also diners and infinia ,I think but not sure).

On reversal, only the gst on processing fees is charged and a little pro rata charges based which is very minimal.The mycards and even the cs executive inform to pay the whole amount, next day of cancellation but can be paid till statement date.

The emi transaction reversals will be counted in both the milestone spends(quarterly for money-back+, millennia & annually for regalia) and monthly spend offers (xxxx voucher on xxxxx spends).

Hope this helps.

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