No cost emi on Axis Magnus

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.

jambui wrote:

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.

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.

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 

AatmaNirbhar wrote:

Rs.800 processing fee?

1% of txn value+GST

gautam2usa226 wrote:

CC is saying that from April 1st, processing fee will not be waived off. 

They are known for malpractice. Don't even mention processing fees to merchant website. 

Need someone to sue them. 

SnippierJoker wrote:

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. 

caks2006407 wrote:
1% of txn value+GST

Yeah… the Croma store guys said that there will be 199 + GST as processing fee but later found that there will be 1% processing fee. 

Seems like nowadays people don’t like to keep even bare minimum knowledge required in their profession. 

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.

narayana1dd249 wrote:

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 …

gautam2usa226 wrote:

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 …

If it's CANCEL request, the process of charged fees reversal is automatic.

narayana1dd249 wrote:
If it's CANCEL request, the process of charged fees reversal is automatic.

Yeah, all the additional charges such as Processing fee and GST got reversed. 

Thanks for helping with wordings to be told to CC

gautam2usa226 wrote:

Yeah, all the additional charges such as Processing fee and GST got reversed. 

Thanks for helping with wordings to be told to CC

What about the reward points after cancelling EMI? Do we get normal rewards?

I think @jambui answered some of the questions related to it being counted in milestones, but please update us here once the milestone benefit is credited to you for the current month.

gautam2usa226 wrote:

Yeah, all the additional charges such as Processing fee and GST got reversed. 

Thanks for helping with wordings to be told to CC

Please update on reward points..
Did you get the rewards for that transaction?

JAYM wrote:
Please update on reward points..
Did you get the rewards for that transaction?

Yeah… I closed the EMI transaction and now I can see that 4836 reward points have been credited for the croma transaction of Rs 80,671.41