No cost emi on Axis Magnus
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I purchased a TV from Croma using no-cost emi option provided by Axis.
So I have few doubts :
1. Will there be any foreclosure charges, if I ask Axis CC to close the EMI and I make the payment in full to Axis.
2. They charged a processing fee of around 800. Will that be reversed ??
3. How many regular reward points will I get, after closing the EMI and making the payment in full ?
4. After closing the EMI, will the total amount contribute to the monthly milestone of 1 lakh ?
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CC is saying that from April 1st, processing fee will not be waived off.
Axis keeps changing rules when they want.
Most people will not have experience on such complex transaction with Axis magnus.
Talk to the customer agent, they know best.
Before making the transaction, talked to CC. He told that only processing fee will be there even if the EMI is closed, within one week.
After making the transaction, called CC again, next day. He told that foreclosure charges will be there. I got shocked. Searched on internet and found that if closed within 30 days then no foreclosure charges. So asked this 2nd CC to check again and then he came back saying that yeah there won’t be any foreclosure charges in my case.
So these CC people also sometimes confuse us. Thus didn’t enquire about reward points calculations in such cases.
Rs.800 processing fee?
have always bitter experience with axis bank. wanted to close a simple Emi since september. just because i had two cards they had technical issues to close and they literally dont bother to follow up onany service request or complaint. i had multiple calls and mails to even their PNO which is off no uses. now after 6 months mailed RBi ombudsman to reverse all the charges incurred.
If u have an option, it is always better to choose other bank. their service is by far the worst that can happen to indian banking
In Axis, Foreclosure and cancelling the EMI are two different things. So while placing the request you should say "CANCEL' specifically to receive the charged processing fees back. If you say foreclosure, you will not get the processing fees back.
Ok… So I called them today again and asked to cancel EMI .. Today they took the request and said will be done within 2 working days.
Also when I asked to waive off the processing fee they said that since the emi conversion was done from merchant side so processing fee will also get refunded.
Need to check after two working days… what all has happened …
Hey, I just purchased a fridge using my axis magnus. I was offered a sweet discount of 20%, but alas it was an emi transaction.
I want to cancel the emi transaction now, as i dont really want to pay the processing fee and the interest amount.
if i cancel, will they reverse the cashback as well?
1.) No if done before bill is generated.
2.) Yes if done before bill is generated.
3.) Normal rewards is revered.
4.) Yes will count to milestone too if closed.