DHFL’s COVID 19 EMI Moratorium Scheme from June to August 2020

DHFL’s COVID 19 EMI Moratorium Scheme from June to August 2020

Dewan Housing Finance Limited or DHFL has extended the benefits of RBI’s COVID 19 Moratorium relief for another three months, i.e. from June 1, 2020 to August 31, 2020, on account of ongoing lockdowns and financial disruptions caused due to pandemic.

The new repayment schedule for customers will be adjusted by altering residual tenor. The interest on outstanding amount will continue to accrue for the period of moratorium.

Here are Highlights of announcements made by DHFL:

  • The overall moratorium period is 6 months now, i.e. from March 1, 2020 to August 31, 2020.
  • All those who had “Opted in” for Moratorium 1.0 will be offered an option to “Opt out.”
  • Those who want to continue paying EMIs and do not want to opt in for Moratorium 2.0 should not reply to the bank’s message
  • For convenience of customers the lender has shared instructions as per the EMI repayment facility used. The instructions are as following:

Guidelines for Customers who opted for Moratorium for March 2020 to May 2020:

Customers using Cash / NPDC for repayments

Will be offered choice to “Opt out.”

Those who do not opt out or do not respond to bank’s communication and have unpaid account for last 3 months, will be automatically opted in for extended moratorium.

Customers who has auto debit instructions such as PDC, ECS, NACH, SI, or Direct Debit

The instruction will be presented.

In case of payment bounce, will be opted in for moratorium.

Guidelines for Customers who Chose to Opt out of Moratorium, March 2020 to May 2020:

Customers who use Auto debit instruction like PDC, ECS, NACH, SI or Direct Debit

The instruction will be presented.

In case of payment bounce, will be opted in for moratorium.

Other ‘Opted-out’ customers

In case of failure in serving EMIs will be opted in for moratorium

  • The lender will continue to present debit instruction for customers who have opted out of Moratorium each month. In case of failure the account will be treated as moratorium account for the month but next month again the instruction will be processed.
  • Any repayment made by customers despite opting for moratorium will be adjusted against the loan account, but the status of Moratorium request will be same till 31st August 2020.
  • Interest will continue to accrue on the outstanding balance during moratorium period.
  • DHFL holds the final rights to approve or reject the request for moratoriu

Now let’s take a look at some FAQs released by DHFL in regards to extension of COVID 19 EMI Moratorium Package to its customers for June, July and August 2020.

Frequently Asked Questions

✅ What is the approved duration of COVID 19 Moratorium extension by DHFL?

DHFL has announced extension of RBI’s COVID 19 Moratorium for next three months for all payments falling due between June 1, 2020 to August 31, 2020.

✅ Do I need to opt in again if I am already opted in for Mar to May moratorium?

No, you do not need to opt in. However, you get a chance to stop the moratorium. The DHFL will send personal messages with a choice to “opt out” to all customers who had earlier opted in for moratorium. In case the customers doesn’t reply or opts out the moratorium will be extended till Aug 2020.

✅ Will lender automatically opt me in for Moratorium if I am eligible?

No, the NBFC will share option to opt out to customers. Basis the response of customers to its communication decision will be taken. In case customer uses cash as the mode of repayment the last date to opt out is 5th June 2020, while for auto payment customers payment instructions will be process and in case of bounces, the moratorium will be provided for June to August 2020.

✅ Will interest be charged during moratorium period?

Yes. Interest will continue to accrue as per the contracted rate. The revised repayment schedule will be shared after the moratorium duration.

✅ How will COVID moratorium impact my Credit Rating?

As RBI has stated in its address to public, moratorium or EMI deferment for the granted period, i.e. between March 2020 to August 2020 will not affect Credit Rating or Credit Score. The benefit is not valid for outstanding balance prior to 1st March 2020.

✅ Can I apply for Moratorium for multiple loan accounts with DHFL?

Yes. Though, you are required to “opt out” individually for each Loan account respectively.

✅ Are there any charges involved with deferment of payments?

No. There is no penalty, cheque bounce charge or overdue charge applicable for eligible customers for Moratorium. Interest will be capitalised during the moratorium and will be added to your overall outstanding. The new repayment schedule with increased tenor will be shared after the moratorium.

 

Also Read: DHFL Auto Opts in Customers for COVID Moratorium Relief; Make Choice before April 7

 

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