Let’s understand what is smart EMI in credit card HDFC before knowing how to cancel smart EMI in HDFC credit card. HDFC has come up with an initiative called Smart EMI. You can use SmartEMI for purchases such as:
Groceries
Medical
Petrol
Utility
Apparel
Education
Electronics
Travel
SmartEMI is only available for these types of financial transactions. You cannot avail gold loan or jewellery loan with HDFC SmartEMI. The benefit of SmartEMI is that you enjoy competitive interest rates if you use it. Although this provides customers with an opportunity to get a loan at a decent interest rate, there are some guidelines that a customer should be bound by.
If you convert the Credit Card outstanding balance to EMI via SmartEMI, you will be charged a processing fee of Rs. 999 exclusives of GST.
Transactions which are older than 60 days cannot be converted into EMI.
Rewards will be reversed if the transaction is converted into EMI.
Now that I have explained the meaning of SmartEMI briefly, I will tell you how to close smart EMI in HDFC.
How to stop smart EMI in HDFC credit card?
I was eager to know about HDFC SmartEMI credit cards, so I checked out the terms and conditions and Seshhh! HDFC provided some tough guidelines I have never come across.
It was clearly written that you cannot cancel a loan of SmartEMI after it has been processed and approved. You also cannot change the tenure of EMI.
This rule bugged me off. What shocked me is that the terms and conditions are subject to change anytime without any prior notice! I feel this is a bit risky!
You can check out the terms and conditions here:
https://v1.hdfcbank.com/htdocs/common/pdf/smartemi_tc.pdf
I hope this clears your doubt regarding how to cancel smart EMI in HDFC credit card.
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Authors Of The Question
How to cancel smart EMI in HDFC credit card?
Chaitanya
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2 Year
2022-08-29T10:41:27+00:00 2022-08-29T10:41:29+00:00Comment
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