Indiabulls Consumer Finance offers 6 month Moratorium for Dhani & Term Loan Customers
Following RBI’s guidelines dated 23rd May 2020 on the extension of COVID 19 moratorium relief to the borrowers, Indiabulls Consumer Finance Limited has passed on the benefit of repayment deferment or Moratorium to all Dhani/ Term Loan Customers for EMIs falling due between March 01, 2020 to August 31, 2020.
The Interest will continue to be calculated for the outstanding amount during the Moratorium Period. The next EMI will be due in September. The Moratorium will not change the terms and conditions of the loan.
How to Opt for Moratorium?
Customers can opt for Moratorium by filling a form at:
Here you need to share following information:
- Product Type
- Your Name
- Loan Account Number
- Registered Email
- Registered Mobile Number
- Reason for request
Now click on Submit.
The requests for Moratorium will be accepted as per RBI guidelines and customers will be sent a mail/ SMS to acknowledge the success of application.
The NBFC has also shared a link for withdrawing from Moratorium. So all Indiabulls Term Loans Customers who want to opt-out of the requested Moratorium can fill the form available on link: https://www.indiabullsdhani.com/emi-deferment-withdrawal-request/
Share details as requested and submit the request.
After accepting Moratorium Withdrawal request, the payment request will be run on the next EMI due date. So ensure sufficient balance in your account. You may also choose to pay/ part pay through Dhani App.
Frequently Asked Questions (FAQs)
✅ What is the EMI moratorium relief provided by Indibulls Consumer Finance?
Indibulls Consumer Finance Limited is offering COVID 19 Moratorium relief as per the latest guidelines by the Reserve Bank of India. The overall moratorium period has now been extended to 6 months–, in effect from March 01, 2020 to August 31, 2020.
✅ How will EMI Moratorium work?
The EMI moratorium benefit will be extended to only eligible customers. As you fill the application form on website (at https://www.indiabullsconsumerfinance.com/emi-deferment-request/), the IBCFL will send you an email or SMS to confirm the same. Subject to meeting eligibility, your application will be accepted. The EMI deferment will be provided till August 2020, and your next repayment will be due in September 2020. However interest on outstanding amount will continue to accrue during the period. The tenor of the loan will be extended as per the Moratorium.
✅ Will there be any charges for deferring EMI?
No, there are no additional charges, except of the interest accumulation on outstanding amount. There are no late payment charges, bounce or penal charges for failure of payment during the moratorium period.
✅ Do I need to extend my NACH mandate?
Yes, it is recommended that you submit fresh NACH mandate before requesting for EMI deferment.
✅ How do I apply for EMI Moratorium on Dhani Loan?
You can apply for EMI moratorium by visiting the link: https://www.indiabullsconsumerfinance.com/emi-deferment-request/
✅ How do I check the status of EMI deferment request?
The India Bulls Finance Limited will send you an Email or SMS on your registered mobile number/ email id as per records.
✅ Can I apply for deferment if I availed IB Dhani Loan after 1st March 2020?
No. If your loan is disbursed after March 1, 2020, you are not eligible to apply for EMI deferment relief. You should repay your EMIs as scheduled or non-payment will be treated as a default.
✅ Is there any deadline for placing Moratorium request?
Customers should place Moratorium request prior the EMI date.
✅ I have multiple loans with Indiabulls. Do I need to place separate requests?
Yes. You are required to place separate Moratorium requests for your loan accounts.
✅ Will COVID Moratorium relief impact my credit rating?
No, your credit rating would not be impacted if you exercise the deferment option, after approval from the lender. However, unpaid dues prior March 1, 2020 and post August 2020 will affect your rating for sure. Thus ensure timely payments after Moratorium for maintaining your credit score.
✅ Can I make EMI payment despite opting for moratorium?
Yes. Moratorium is a cash flow relief. If you want to make any advance payment you can do so. However original terms and conditions of loan will apply.
✅ What should I do, if do not want to avail of EMI moratorium?
Continue paying your EMIs as per schedule. No additional steps are required if you do not want to opt for Moratorium.
✅ On what products can I avail of Moratorium?
You opt for Moratorium on Term Loans like Dhani Personal Loan, Business Loan, Credit Line for EMIs/payments due from Mar 1, 2020 to August 31, 2020.
✅ Is Moratorium available on short tenure loans?
Yes, India Bulls have also extended Moratorium relief on short term loan(s) with maximum tenure of 3 months. However, interest @ 2% pm shall be applicable during the Moratorium.
✅ I earlier opted for Moratorium until May 2020, do I need to request again for extension?
Yes, you are required to place a request again for Moratorium extension. You simply need to fill in the request form on the website and submit the form.
✅ I have requested for Moratorium through email, why I am not getting status update?
Requests sent through email will not be accepted. You are required to apply for Moratorium through website link.
✅ Can I withdraw my EMI Moratorium request, after it is approved?
Yes, you can withdraw EMI Moratorium request and send a Moratorium Withdrawal Request by clicking on link: https://www.indiabullsdhani.com/emi-deferment-withdrawal-request/