DMI Finance EMI Payment FAQ : dmifinance.in

Organisation : DMI Finance
Facility Name : Frequently Asked Questions (FAQ) On EMI Payment
Applicable State/UT : All India
Website : https://www.dmifinance.in/faqs.html#emi-related

FAQ On DMI Finance EMI Payment

Frequently Asked Questions FAQ On DMI Finance EMI Payment

Related / Similar Facility : Cholamandalam Finance Vehicle Loan EMI Payment

When do I have to make my next EMI payment?
View your next EMI date and other loan details by following the steps below: Log in to Customer Portal > Dashboard > Click “view” > Select “Payment Summary”.

Can I change my EMI due date?
We do not have an option to change EMI due date. The EMI due date is as mentioned on the welcome letter.

Why is there a penalty charge when I have paid my EMI?
A late payment penalty is charged when the borrower fails to make the EMI payment by the due date.

Why has the EMI been deducted twice from my account?
This may happen when you have an auto-debit facility active on your loan and have also made payment of your loan through an alternate mode. Please do not worry, the extra debited EMI will be adjusted with the subsequent month’s EMI. In case, this was your last EMI, please write to us mentioning your concern and sharing the payment receipt to customercare@dmifinance.in. We will investigate the issue and arrange for a refund of the amount within 5-7 working days.

What happens when I miss paying my EMI?
There are major consequences for defaulting on a personal loan:
1. Your credit score is affected – a low credit score makes it hard for you to get any form of credit in the future.
2. Your financial burden grows – late fees, penalties, other costs, etc. add up making the value of the product much higher than what you owe.
3. Future credit/Loans- Your loan/credit card applications may be turned down or rejected due to defaults and/or low credit scores.

Why is there a bounce charge when I have paid my EMI?
DMI may collect a bounce charge in case the EMI presented bounces. There may be a separate bounce charge levied by your bank basis your account category. While it may reflect that these charges are debited towards DMI Finance, however, it is a fee collected by your bank as a penalty.

Can I preclose/foreclose my loan?
Yes, you can preclose/foreclose your loan as per your agreement with DMI Finance Pvt Ltd. You will also be charged a fee to preclose/foreclose your loan as per the agreement.

Will foreclosing my loan affect my bureau/credit record (Bureau/Experian et c.)?
No, foreclosing your loan will have no impact on your credit/bureau record (Bureau/Experian et c). Once the loan is foreclosed, the same will be reported to bureau/ credit record (Bureau/Experian et c.) as “Closed”.

I have made a payment but it is not updated?
It takes 3 working days for us to update your payment in your records and for it to get reflected at your end. If in case its already been more than 3 working days and it has not got updated – please follow the steps below:

Log on to the customer our portal > Service ticket request > Payment made but not updated and share us the required payment details.

How can I pay my EMI?
** If you are registered for auto-debit (NACH), EMI payment can be auto-debited from your account on the payment due date.
** If you are not registered for auto-debit (NACH), you can get registered by using Customer Portal.
** If you are not registered for auto-debit (NACH) and want to make manual payments, please use the links sent via SMS/email.

I missed my EMI due date. How can I make the payment now?
You can make an online payment by logging int o the portal or our chatbot – HelloDMI. Alternatively, in some cases, we also send a payment link on your email id for making the payment. You can also get in touch with your primary loan partner for making the payment.