When shall I cancel the No cost emi to get advantage of the trick?

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Deal Cadet
buttman

So I was able to finally order a oneplus 11r for my dad and paid around 34.6k using the no cost emi trick. Now the catch is, I am expecting delivery on 7th March. Should I cancel the ncemi before receiving the delivery or after? I have used Icici mmt cc for making the transaction. Please advice as 2 days have already passed and the transaction of 34k has been reflected in my acc statement 

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Generous Generous
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Can you please explain the trick? Thank you in advance

Deal Cadet Deal Cadet
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You choose the no cost emi option with the longest tenure to get additional discount. Suppose a refrigerator is costing around 26k. Using the ncemi method, you can choose the longest tenure say 12months, you will get additional discount of around 2k and your acc will get debited for 24k. Later you have to call the bank and cancel the emi stating you want to pay in full. Some banks charge a pre closure fee while others dont ( icici doesn’t is what I’ve read here ) i am just not sure on when to call to cancel the emi as currently I haven’t been charged the emi conversion fee yet (199+gst) and stuff

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Benevolent Benevolent
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Just cancel as soon as it is settled. Doesn't matter from delivery perspective.

Deal Cadet Deal Cadet
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Noted! Thanks man

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Pro Tech Guru Pro Tech Guru
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You can cancel anytime after txn is settled (after 2 days) and Cancel before 15 Days Every charges will be reversed 

Deal Cadet Deal Cadet
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Got it! Will do this first thing then. Thanks man

Deal Lieutenant Deal Lieutenant
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You can cancel anytime after the transaction is settled and coverted to emi. But I'd suggest waiting till you recieve the phone just in case the phone doesnt get delivered or you have to cancel it for any reason.

Helpful Helpful
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icici refund all charges so need not worry even if the bill is generated 

Generous Generous
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If I pay in full after emi canecl..then why even take emi option? Normally on offer page  emi or no emi both have discount. .🤔

Pro Tech Guru Pro Tech Guru
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No emi you will get upfront discount of interest amount 

Pro Entertainer Pro Entertainer
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Can you pls share the price breakup?

How you bought it at 34.6k?

Deal Subedar Deal Subedar
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NCEMI gives max advantage if we select the longest tenure of payment.

In one insurance payment I have no cost emi for 24months. Can I use this trick and foreclose that payment?

Is there any upper limit on tenure of EMI that I can foreclose? (Using ICICI)
@hackerboys @buttman @Mayavi @Knight11

Pro Analyst Pro Analyst
Moderator
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I personally used till 9 months.
You can call customer care and confirm the same for 24 months, they will answer it.
Propably, no limit on months.
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Generous Generous
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You can call icici as soon as transaction convert to emi in imobile pay app

Works fine till 18 months ncemi tried last year.

Deal Lieutenant Deal Lieutenant
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Is this trick applicable for SBI cards? Used in LG showroom for 6months EMI as offer is applicable only on 6 months EMI. Unable to reach the SBI cc executive.

Deal Cadet Deal Cadet
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No! Sbi charges pre closure fee of 3%

Deal Cadet Deal Cadet
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For Hdfc can I use this trick?

Deal Newbie Deal Newbie
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Yes, you can use hdfc cc

The PostMighty The PostMighty
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What about other banks like axis or Bob? Can I use the trick?

Blaze Blaze
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Any phone number for emi cancellation on icici
Deal Cadet Deal Cadet
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Can we close or cancel the emi for HDFC DEBIT card transaction, just like can do in Credit card?

replyuser
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