Preclose No cost emi

Preclose No cost emi

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Please help
If i buy a mobile during prime day using hdfc cc no cost emi (with additional 500 discount) and 2-3 days later preclose emi then how much hdfc will charge to statement. What r preclosing charges and what happens to no cost emi disc.

10 Comments  |  
6 Dimers
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additional 500 discount on no cost emi on hdfc? is that the bonus offer?

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schumacher wrote:

additional 500 discount on no cost emi on hdfc? is that the bonus offer?

No it is upfront no cost emi interest discount

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HFDC: Whenever I preclose, there are no extra charges or adjusting the no cost emi discount. Only condition is you need to make the pre-closure payment and (sometimes they ask to clear any other outstanding loan) within 3 days after you request the pre-closure.

Also note that you may not get the reward points with the cancelled emi transaction. Only benefit this exercise offers is interest amount which is reduced before charging to the bank

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You may also call up customer care and find out by giving them a example case.

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andromeda wrote:

You may also call up customer care and find out by giving them a example case.

Actually i dont have the card i am going to use it from a relative who doesnt even shop online joy all i am interested is in no cost emi discount and prepayment charges. If there r no prepay charges and discount stays on i am all ok

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In that case, no loss, only profit for you. Just alert your relative about a card payment in coming 4-5 days.

Also make yourself sure that there are no existing loans on the card, else your relative will end up paying all the outstanding dues along with your due

Cropped197106562
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Will this method affect one’s CIBIL score?

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balu44 wrote:

Will this method affect one’s CIBIL score?

Good question, i hve no idea, need answers from expert

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andromeda wrote:

In that case, no loss, only profit for you. Just alert your relative about a card payment in coming 4-5 days.

Also make yourself sure that there are no existing loans on the card, else your relative will end up paying all the outstanding dues along with your due

@balu44; Yes, while retrieving cibil statements it clearly shows loan availed and closed and if there is 1-2 pre closure then no issue but if pre closure is done as mechanism to get additional discount it definitely hamper your cibil score

Bal ganesh
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You won’t save much as pre-closure charges would be around 5%.
They will also charge GST on this Rs500 given as discount

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