What Happens If Personal Loan Emi Is Not Paid
A due course of action will take place.
What happens if personal loan emi is not paid. Banks charge a penalty for missing credit card due date or loan emi date. This would reduce your monthly emi amount though you may end up paying a higher amount in interest. Read more about what to do when loan emi is very high.
For long term loans you can easily make regular payments in the future and make up for minor defaults. Hence if a person is proved to be bankrupt or insolvent by the court then in that case it shall be decided by the court that the person cannot pay the interest or the emi and hence the court shall waive off the debts and emi or may in another scenario provide the extension of time to the person so that he can pay at least the minimum amount due which would not make the person s account irregular. If your problem is one where the emi is too high due to either an increase in overall interest rates or an increase in your personal commitments to yourself your loved ones or any other matter personal to you that reduces your bank balance or a combination of these factors and others then what the bank will do is restructure your loan.
You can approach the lending institution and request them to increase your loan tenure. Defaulting on loan is a civil dispute. If you are struggling with the emi amount consider having the monthly outgo reduced.
If you do not pay the loan emi within the monthly repayment date but manage to repay the amount within 90 days it would be termed as a minor default of the loan. Banks usually lower emis by either extending the existing loan tenure or converting an unsecured loan to a secured loan. But if one is unable to pay personal loan emi say this does not make him her a criminal.
Your credit score is affected all banks and nbfcs report failed payments and credit card payment defaults to credit bureaus such as the cibil and equifax. There are also other consequences like. If your problem is one where the emi is too high due to either an increase in overall interest rates or an increase in your personal commitments to yourself your loved ones or any other matter personal to you that reduces your bank balance or a combination of these factors and others then what the bank will do is restructure your loan.
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