Hot Deal

No cost EMI Cancellation Guide.

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Deal Cadet
Rajrox

1. ICICI

After EMI conversion, Request customer care to Cancel EMI. Immediate Cancellation.

Cancel within 15 days.

No charges, Processing fee reversed.

2. Axis

Same as ICICI

Cancel with in 30 days.

No charges, Processing fee reversed.


3. BoB

After EMI conversion, mail them at crm at bobfinancial dot com 

Charges - 199 + 35

Tip - Request for Cancellation as soon as transaction converted to EMI as INTREST is charged on daily basis.


4. SBI

Call CC and request.

Charges vary from 0 to 199 for processing fee + GST + 3.54% of outstanding Amount.

Trick - Make outstanding balance in your card 0 after transaction and before EMI conversion, in this case Transaction won't get converted to EMI.


5. HDFC


Login to mycards request for Cancellation from there.

Charges - only 35 rs. ( processing fee of 199 is reversed )

Tip 1 - Never make EMI transaction on HDFC cc if your billing date is within 7 days coz if first EMI is billed, then processing fee is not Reversed.

Tip 2 - After EMI Cancellation, HDFC ask us to pay outstanding within 24 hours but if not done there is also no issues. ( self tested )


6. Kotak

After EMI conversion, first pay the Principal amount in Card, then call cc for Cancellation. 

Charges - All charges Reversed Except GST component.

Tip - Always select Highest time Duration of EMI to make the GST component small.

Suggestions are welcome. 

You may add more banks in Comments, i will add in main thread.

Top Comments
Pro Entertainer Pro Entertainer
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Whoh😲 did not know axis allowed emi cancellation without penalties. 

Deal Cadet Deal Cadet
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This trick works in offline also?

Commentator Commentator
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Yes. I tried Axis ace and HDFC Tataneu infinity. All charges reversed and reward points are given too

Deal Cadet Deal Cadet
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ONE CARD is worst in EMI Cancellation.

They wont cancel EMI until 1st EMI is updated in statement.

When you call them again after 4-5 days, they wont reverse Interest charged on 1st EMI+ Processing Fees + GST

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Deal Cadet Deal Cadet
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This trick works in offline also?

Deal Cadet Deal Cadet
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Probably it should, because thats also a merchant EMI. but not confirmed.

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Deal Cadet Deal Cadet
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BoB doesn't charge foreclosure charges? Customer care guys said there are foreclosure charges and no such thing as cancellation. Just placed my order using BoB card, so I'm looking for information on this. 

And Axis did not reverse GST and processing fee in my last transaction. But I do remember they have done so for my past transactions.

Deal Cadet Deal Cadet
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Email from BOB

In reference to your trail mail, we wish to inform you that, as per your request we have cancelled your EMI transaction amount of Rs. 8,749.08/- The amount due on your card will be informed in next month statement. There are no pre-closure charges levied against pre-purchase EMI.

Axis always reverse if cancelled within 30 days.

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Pro Entertainer Pro Entertainer
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Whoh😲 did not know axis allowed emi cancellation without penalties. 

Deal Subedar Deal Subedar
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VU

Finance Ninja Finance Ninja
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Vu + kg and following

Wishlist Champion Wishlist Champion
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Nice

Comrade Comrade
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Great info...

Deal Subedar Deal Subedar
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If EMI is cancelled, do we still get the rewards points on credit cards as it becomes a normal transaction?

Deal Cadet Deal Cadet
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No rewards.

Deal Cadet Deal Cadet
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Tell for idfc , RBL,au bank

Deal Cadet Deal Cadet
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Tell for RBL,au,pnb, idfc ,yes

Deal Cadet Deal Cadet
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paid 5/9 instalment.now i want to cancel nocost emi.
is there any charge?

Deal Cadet Deal Cadet
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Yes pre closure charges.

Generally 3% of outstanding balance 

Deal Newbie Deal Newbie
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Thank you for this information. Closed my HDFC tata neu credit card no cost emi. My first emi was due on 01 Jan 2024, so will I receive tata neu coins for this transaction?

Deal Cadet Deal Cadet
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Probably no.

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Deal Cadet Deal Cadet
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Upvoted. Thanks for the Tips.

Deal Subedar Deal Subedar
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in SBI card app we can cancel EMI i think so but not sure abt charges.

Deal Subedar Deal Subedar
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Its only now a matter of time when banks see this and stop it.

Deal Subedar Deal Subedar
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They dont stop it but may block their card if it is habituated.
once in a while they allow but frequent use will lead to block. 
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Pro Analyst Pro Analyst
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Great one

Deal Cadet Deal Cadet
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ONE CARD is worst in EMI Cancellation.

They wont cancel EMI until 1st EMI is updated in statement.

When you call them again after 4-5 days, they wont reverse Interest charged on 1st EMI+ Processing Fees + GST

Benevolent Benevolent
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Any information on yes bank emi cancellation?

Deal Cadet Deal Cadet
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Talked with CC, they informed flat 4%

Talk-Of-The-Town Talk-Of-The-Town
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@Rajrox @P_A_N_K_A_J I had Placed Order of S24 Ultra on Flipkart with No Cost EMI but after 2 hours cancelled the same. Will trxn be converted to EMI? How much will be the charges?

Deal Cadet Deal Cadet
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No it won't be converted if order cancelled. 

Deal Newbie Deal Newbie
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Do we get rewards/cashback for cancelled emi?

Mainly SBI & axis? 

In SBI I mean it's getting cancelled before conversation itself 

Deal Cadet Deal Cadet
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Can we do the HDFC emi cancellation from mobile banking app?

Deal Cadet Deal Cadet
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From mycards

Deal Newbie Deal Newbie
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SBI ncemi -- anybody tried it recently after paying the full outstanding and not converted to emi? still Working? 

Deal Subedar Deal Subedar
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Anyone tried EMI cancellation with AMEX card?

Generous Generous
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@Rajrox Does this work with Citibank credit cards EMI cancellation as well? 

Deal Cadet Deal Cadet
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Don't have CITI card, so no idea.

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Helpful Helpful
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for HDFC  you have to pay within one day or next statement due date? 

Deal Newbie Deal Newbie
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Can b paid in due date 

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Deal Cadet Deal Cadet
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how do we know emi conversion started? thru statement? sorry, have not done any emi b4.
Deal Cadet Deal Cadet
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Keep checking unbilled transactions.

Mostly all banks converts transaction into EMI in 3_4 days.

Cool Cool
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superb compilation... great work bro ok_hand🏻

Deal Newbie Deal Newbie
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Can anyone please confirm is this icici no cost emi trick still working ?

Deal Cadet Deal Cadet
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Working 

Cool Cool
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@Rajrox - Will this trick work for normal EMI as well (without no cost emi option)?

Deal Cadet Deal Cadet
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Yes, it will.

From BANK's perspective, there is nothing like NO COST EMI

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