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

298°

2666
27
Last Comment 2023-09-15

2023-03-03

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

Expired

Disclaimer

We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.

26 Comments |

18 Dimers

Sort By

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9126589

Sahil_Jain

2023-03-03

Link Copied

Can you please explain the trick? Thank you in advance

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9126625

buttman

2023-03-03

Link Copied

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

View 2 more replies

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9126642

Knight11

2023-03-03

Link Copied

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

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9128334

buttman

2023-03-04

Link Copied

Noted! Thanks man

View 2 more replies

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9126846

sauravDD

2023-03-03

Link Copied

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

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9128332

buttman

2023-03-04

Link Copied

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

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9126853

legend101

2023-03-03

Link Copied

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.

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9127280

hackerboys

2023-03-03

Link Copied

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

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9128430

Sidhi.Baat.No.Bakwas

2023-03-04

Link Copied

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. .🤔

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9128630

sauravDD

2023-03-04

Link Copied

No emi you will get upfront discount of interest amount

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9128501

tappukepapa

2023-03-04

Link Copied

Can you pls share the price breakup?

How you bought it at 34.6k?

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9129425

kingc0bra

2023-03-04

Link Copied

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

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9129444

Mayavi

Moderator

2023-03-04

Link Copied

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.

View 1 more reply

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9130184

Gauravmittal49589

2023-03-05

Link Copied

You can call icici as soon as transaction convert to emi in imobile pay app

Works fine till 18 months ncemi tried last year.

https://www.desidime.com/discussions/when-shall-i-cancel-the-no-cost-emi-to-get-advantage-of-the-trick?page=1#post_9131806

SudhirG

2023-03-06

Link Copied

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.