Bought a phone or laptop worth ₹50,000-₹60,000 on EMI, and now you’re getting a ₹5,000-₹6,000 bill every month, plus interest? Don’t worry! Today, I’ll tell you a very simple way – how to clear your EMI in one go, and without paying any extra money. This trick is still working 100% in 2025; I’ve tried it three times myself.
First, understand this – how much interest does EMI charge?
Suppose you purchased a phone worth ₹60,000 on 12-month EMI. You’ll incur ₹5,000 plus GST every month. At 12-16% interest, you’ll have to pay an extra ₹8,000-10,000.
The actual price of the phone comes to ₹68,000-70,000. If you cancel the EMI and make the full payment in one go, you’ll save an extra ₹8,000-10,000.
The easiest way – Do it through the app
- Open your bank’s credit card app (HDFC, SBI, Axis, ICICI – all are the same).
- Go to the Credit Card section.
- You’ll see an option for EMI Transactions or Manage EMI.
- Click on the EMI you want to cancel.
- Below there will be a button for Foreclose EMI, Prepay EMI, or Convert to Full Payment.
- Click → the amount will be displayed (only the remaining principal, not interest).
- Confirm → that’s it.
- 10 minutes of work, and the interest is canceled.
Second Method – Customer Care
If you don’t see the option in the app:
Call Customer Care
Say, “I want to foreclose my EMI.”
They’ll say, “Sir, you need to pay the remaining principal amount.”
Just say, “Yes.”
They’ll send you a link to pay via UPI or net banking.
EMI cancellation and interest waiver as soon as you make the payment.
Third Method – Bank Branch (if not online)
Go to the branch and say: “Sir, I want to convert my running EMI into full payment.”
They’ll have you fill out a form, take the payment, and clear it within two days.
Important points to remember
- There is no extra charge for canceling an EMI (you only have to pay the remaining principal).
- Interest accrued until now is also canceled.
- There is no negative impact on CIBIL.
- This trick only works on running EMIs, not on already paid installments.
Let me explain with an example
- Bought a phone worth ₹60,000 for 12 EMIs.
- Paid 4 EMIs (₹20,000).
- Now the remaining principal is ₹40,000.
- Foreclosed through the app → Paid only ₹40,000.
- Total expense ₹60,000 (instead of ₹68-70,000).
- → ₹8,000-10,000 saved.
| Thing | Before (EMI) | Now (Foreclosure) |
|---|---|---|
| Total Amount | ₹68-70,000 | ₹60,000 |
| Interest | ₹8-10,000 | ₹0 |
| Time | 12 Months | Ends Today |
| Tension | Every Month | Zero |
Conclusion
If you have the money, cancel your EMI today – you’ll save ₹8,000-10,000 directly. This trick works on all cards – HDFC, SBI, Axis, ICICI, Kotak. Just open the app, it’ll be done in 2 minutes.
Tell me in the comments – have you ever canceled your EMI? And how much money did you have left?
