No cost EMI - clarification

No cost EMI - clarification

58°
Imagescaqlc27h
Deal Cadet
64
108
5

I placed (samsung M30 + 2 more item) on amazon using No cost EMI. Then later i have cancelled samsung m30 alone.

Now amazon has refuned only 14436.65 instead of full amount of phone cost. Also in my credit card "Total Outstanding Authorization Amount " still includes the phone amount.

Can some one explain how ‘no cost emi’ works for partial cancellation?

6 Comments  |  
4 Dimers
Bal ganesh
Deal Lieutenant
94
3868
49

Bank will deduct ‘EMI cancellation charges’ too from phone price.
CC entries will be updated after 3-4 days.

Imagescaqlc27h
Deal Cadet
64
108
5

For me around 550 rupees is deducted. I thought they deducted the interest amount and let me pay the EMI for next 6 months.

Imagescaqlc27h
Deal Cadet
64
108
5

Got some clarification from hdfc.

_"On receipt of your e-mail we have done the detailed investigation and observe that the transaction made at M/s. Amazon Seller services for Rs. 14,436.65 for easy EMI has been refunded by merchant. As per Easy EMI terms and conditions, in case of Online EasyEMI transactions done at merchant websites, if refund done by merchant is greater than 90.01% of EasyEMI Prinicipal Outstanding on Credit Card then EMI Loan will be pre-closed. In such cases processing fees charged (if any) will be reversed. Interest charged as part of EMIs already posted to card will not be reversed. Since EMI will be preclosed, EasyEMI preclosure Interest charges (as applicable) will be levied to card.

In view of the same the Pre-closure charges has been billed on your card account."_

So the EMI is closed now and total amount of 15327.65 (samsung m30 + cost of 2 more item) has been charged in my statement.

I will update later how much they have charged for the pre-closure.

So guys please careful, before placing a ‘No cost EMI’ order. Cancellation of order involves charges from bank.

Imagescaqlc27h
Deal Cadet
64
108
5

Update:

My Credit card bill generated. No pre-closure amount has been charged.
So i think if we cancel before the bill generation, then no additional charges.

Missing
Deal Cadet
130
729
30

Pre-closure is when you go ahead with the emi and decide to settle before the emi tenure.
This is cancellation . So, no pre-closure charges obviously. If you had gone ahead with the emi and later closed with with full payment, the bank would have charged you 3 %

Missing