CIBIL Score Tips: Will missing one EMI ruin your CIBIL score? Know how to correct this mistake..

Home loans, car loans, etc. have made a lot of work easier in today's time. Today, a person does not worry about when he will be able to collect money when he will buy a car or a house. A loan fulfills all your wishes and you do not have to bear the burden of so much money all at once. By taking a loan, you repay it gradually later. But what will happen if you do not pay its EMI (loan EMI)? We are going to mention one such case. Aarti, who has a government job, has bought a flat by taking a home loan. Every month, the EMI of the home loan keeps getting deducted automatically from her account on the scheduled date. But once due to some reasons, the balance in her account was less and she could not pay attention to it. Meanwhile, the date fixed for the EMI deduction passed and her EMI bounced. As soon as the EMI bounced, she started worrying that her credit score might go down. She started finding various ways to ensure that her CIBIL score does not get messed up so that if she has to take another loan in the future, she does not face any problems. Like Aarti, this problem can come in front of anyone. But in such a situation, the question arises that if an EMI is missed by mistake, does it spoil the CIBIL score or is there any way to correct that mistake? Here we tell you about this-

What is the rule regarding this?

In this case of EMI bouncing, a bank official says that if a customer does not pay the first installment of the home loan, then the bank or financial institution does not take it seriously. The bank feels that due to some reason, there has been a mistake in the EMI, so the bank gives the customer a chance till the next date of EMI payment. But when two consecutive EMIs are missed, then the bank takes it seriously and sends a reminder to the customer (reminder to the customer after the first EMI bounce). Even after this, if the customer fails to pay the third EMI installment, then the bank sends a legal notice to repay the loan. Even after this, if the loan installment is not paid, the bank declares the customer as a defaulter. Therefore, if your first installment has bounced, do not worry.

If the first EMI bounces, take these steps
First of all, go to the bank and tell your problem
Generally, people do this important work on time, but if you have not done this intentionally, due to some difficult or adverse situation suddenly your EMI has bounced (EMI Bounce penalty), then first of all you should go to that branch of the bank from where you have taken the loan. Go there and meet the manager and talk to him about this. Tell me your problem. Assure the manager that this will not happen in the future. If your point is reasonable, then he will tell you the solution to this problem. You may have to pay a penalty for missing the EMI. But it will not be so much that you cannot pay.

Apply like this to hold EMI.
If your problem is big and you feel that you are not able to pay EMI for some time, then you can tell your compulsion to the manager and apply to hold the installment for some time. Sometimes the facility of moratorium is available in reasonable conditions. In such a situation, the customer's EMI is held for some time. But in the meantime, interest payment has to be made. With this facility, you will get some relief in difficult times.

Option of arrear EMI when salary is late
Suppose your salary comes late or you are not able to arrange the money for EMI by the due date and due to this the EMI is bouncing, then you can talk to the manager for an arrear EMI option. The loan installment date is usually at the beginning of the month, it is called advance EMI.

Most loan borrowers are given the option of advance EMI. But if you want, you can also take the option of arrear EMI. In this, you pay your installment at the end of the month.

PC Social media