Cancelled a EMI order on Amazon. Will there be any charges levied?
- Thread starter Zaibatsu
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Can you write a little more what you did ?
There shall be a small fee. (if any amount was deducted while placing the ORDER/EMI) else contact amazon only..
There shall be a small fee. (if any amount was deducted while placing the ORDER/EMI) else contact amazon only..
I ordered an iPhone X on 6 month EMI, but cancelled the order as it would be wastage for me(already have another iPhone). When I SMS DCEMI to 56767(only for HDFC bank), I see that my debit card EMI limit has still not been restored back to original. Also it shows -77k due in the screenshot whereas it should be -85k, will I be charged any kind of interest for the remaining amount? And no amount was deducted while placing the order(85k deposit from bank itself)
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Just honest advice - don't fall in the EMI trap for consumer electronics. EMI is okay for capital goods/cars etc and immovable assets. Otherwise if you can't afford it, don't buy it.
Good advice. But I have spent 28,000 Rs on credits & tokens purchased on a mobile game in last month itself. And also I have lost around 20,000 Rs on Royal Panda last month. Doesn't make sense for me not to get an iPhone XS Max
Not really. But my EMI limit is not yet restoredLol, are you mrindia?
Btw, I was not charged any fee for cancelling EMI order for my cousin who wanted an iPad
superczar
Keymaster
If it's an actual zero cost EMI then one should always take it ..even for a small ticket purchase
Deferred cash flows amounting to the same lumpsum upfront - you are certainly better off choosing the former
True, but the keyword he said was affordability. If you cannot afford the device at full value, you should not take it even on EMI, even no cost.
But then people should not take home loans if they dont have 1 crore in bank(keyword: affordability) or say 10L/per month salary if they wanna afford a car(keywords: immovable object and affordability)
superczar
Keymaster
Looking at the post right below yours, I hear what you and Chaos are saying
Looking at the post right below yours, I hear what you and Chaos are saying
Lol my dad is vice president in a IT company. And I'm sitting at home
There is no such thing as zero cost emi. You are paying extra one way or the other.
N
NotMyRealName
Lol my dad is vice president in a IT company. And I'm sitting at home
Sure you aren't sitting at home because your dad is VP at an IT company? Aren't you the guy with the free to use debit/credit cards or is that someone else i'm referring to...
Looking at the post right below yours, I hear what you and Chaos are saying
An old saying about dragging down the levels comes to mind. I would rather keep quiet
What free to use debit/credit cards? You're referring to the G.B Road brothels topic or iPhone topic? Here let me help you: https://techenclave.com/community/threads/why-is-g-b-road-not-banned-in-delhi.187736/
Also another thing, one's real identity or character cannot be judged on the internet. Arguing on the internet is like participating in the handicapped olympics anonymously
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superczar
Keymaster
Not really - maybe what you are saying is true at a B&M store where refusing a zero cost emi may yield you some extra discounts..
But when buying online, you will often find card specific emi offers - the gross cost you pay remains the same regardless of whether you take it or not
The net cost you pay however is lower if you opt for the zero cost emi
(e.g. a fridge for which you would have paid 1L upfront would cost you 95K on a EMI of a year if you assume a personal funds ROI of 9%)
Even at B&M, for the last few years, the cost of zero emi funding comes from a separate budget typically at the manufacturer's end - not opting to take the same will not enable the retailer to drop anything extra
But then a zero cost EMI at B&M would require paperwork which will negate the small benefit you would gain from it
When it comes to online though, I will always take a zero cost EMI if available even for a 20K purchase
At an aggregate level , of course the cost for zero EMI comes from somewhere - which would probably be a few basis points baked into the product cost for all users
As an individual though, the financially more sensible choice it to opt for it if available
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