What happens if I miss a personal loan EMI?

Answer

A:

Missing a personal loan EMI might feel like a small slip, but it can have a few real-world effects:

• Immediate Impact: Most banks charge a late payment fee or penalty interest when you miss an EMI. These charges can add up quickly if you keep missing payments.

• Credit Score Hit: Each missed EMI is reported to credit bureaus like CIBIL. This can pull your credit score down, making it harder or more expensive to get a loan later.

• Bank Action: If you keep missing payments (usually three EMIs in a row), the bank can label your loan as a Non-Performing Asset (NPA) and start more aggressive recovery efforts.

How Legals365 and Advocate B K Singh Can Help:

• They can talk to the bank on your behalf to negotiate a solution, like restructuring your loan or adjusting the payment plan.

• They’ll make sure your rights are protected and that you’re not stuck with unfair charges.

• They’ll explain how missed EMIs can affect you long-term and help you plan so you’re not trapped in a cycle of late fees.

If you’ve missed an EMI or are worried you might, don’t wait—Legals365 and Advocate B K Singh can help you get back on track. Let me know if you’d like me to share tips on how to avoid missing future EMIs!

Learn more and get the expert support you deserve:
Visit: www.legals365.com
Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

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