New EMI payment update in dhani 2021

Overview

If you are a dhani one freedom card user then you must know that, whenever you use your Dhani one freedom card, It creates a new loan for every payment and you have to re-pay that loan in three EMIs
The date of EMI would be as followed.
Let say, you used your card today, today is 27 July, then your three EMI re-payment date would be

 

28 July

 

28 August

 

28 September

There are some updates in dhani one freedom card that you must know if you are dhani one freedom card use.

 

Let's discuss them 

Change in EMI re-payment date:

There will still be three EMI for every loan but the way you used to re-payment that loan, has been changed.

For example, If you use your today(27 July) the re-payment date would be,

27 July

27 August

27 September.

Yes! you have to pay your first EMI on the same day.

 Now Let's discuss what will happen 

If you don't pay your first EMI:

Previously, if you don't pay your first EMI on the next day of card used, then you could not use your card.

your card status will be shown inactive in dhani app and it could not be activated until you pay first EMI.

But now, rules has been changed.

Let say monthly limit of your card is ten thousand(10,000) and daily limit is one thousand.

Now let assume you used full limit form your card, which is one thousand, It will automatically be converted into 3 EMI that is of Rs333.3 each.

let's take both scenarios

1. You pay your first EMI on time

Everything will function same as it used to be before the update.

you won't see any difference except the EMI date(already discussed)

2. You don't pay your EMI

One next day your card will still be activated but your daily credit limit will not be the same.

Your credit limit will be

1000-333.3 (your previous EMI Due) = 666.7

Now you use 666.7 this day and don't pay first EMI again which is again one third of the total amount used (666.7 / 3 = 222.23).

Now your total due is

1000+666.7="1666.7"

Next day, your daily credit limit will be

 666.7 - 222.23 = "444.47"

And your total dues till now becomes

1666.7+444.47="2111.17"

If you repeat this so many times so that your total dues becomes more than 2500, then your card will be blocked until you pay total dues.

 Refer to this table for more clarity

Available credit limit	Next day EMI	Total dues
1000	1000 / 3 = 333.34	1000
1000 – 333.3 = 666.7	666.7 / 3 = 222.3	1000 + 666.7 = 1666.7
666.7 – 222.3 = 444.4	444.4 / 3 = 148.13	1666.7 + 444.4 = 2111.1
444.4 – 148.13 = 296.27	296.27 / 3 = 98.756	2111.1 + 296.27 = 2407.37
296.27 – 98.756 = 197.514	197.514 / 3 = 65.838	2407.37 + 197.514 = 2604.884

 

On the 5th day, your total dues will be more than 2500 so your card will be blocked until you pay your all due.
In this update, this will be the only reason for your dhani one freedom block assuming that you are paying your subscription fee on time.

 ECS mandate

I'm assuming that you know what is ECS and if you don't know what the hell is this then just google it.

In this update, Dhani has canceled all ECS mandates. That means, from now onward, ECS will not be hit on your account and you will not have to face and NACH or Bounce charges on your bank account.

Comment for your views on this new update and suggest me next topic related to dhani.

and also let me know if you have any question.