CIBIL Score: If you are not able to pay the loan EMI then do these 4 things, CIBIL score will be saved from getting spoiled...
Taking home loans and car loans while buying a house or car has become a common thing today. Apart from this, many times people also take personal loans, etc. to meet their needs.
Whenever you take a loan, you have to repay the EMI on a fixed date, otherwise a penalty is imposed by the bank. But sometimes the situation becomes such that even paying EMI becomes difficult.
If you ever come across such a situation due to which you are forced to bounce EMI, then do not worry. In such a situation, take 4 important steps, so that your CIBIL score is not affected and you never face any problem due to this in the future.
Meet the bank manager-
In this matter, retired bank officer AK Mishra says that if you have not done this intentionally, your EMI has bounced due to some difficulty or adverse situation, then you should first go to the branch of the bank from where You have taken a loan. Go there and meet the manager and talk to him about this. Explain your problem and assure them that this will not happen in the future. If your point is valid then this problem can be solved easily. In such a situation, even if a penalty is imposed by the bank, it will not be so much that you cannot pay it.
Talk about CIBIL score-
If you have bounced the installment for three consecutive months, then your CIBIL score may get damaged because the bank manager sends a report for the CIBIL score if the installment is bounced for three months. But if one or two of your installments have bounced, then you should talk to the bank manager pay those installments, and request the manager not to send a negative report in your CIBIL. Also, assure them that this will not happen in the future. If your CIBIL score is bad, you may face difficulty in taking a loan next time.
Application to hold EMI-
If your problem is bigger and you feel that you are unable to pay the installment for some time, then you can apply to hold the installment for some time by telling the manager about your compulsion. After some time, when the money is arranged, you can pay the amount. This will give you some relief in difficult times.
Arrear EMI option-
If your salary comes late or you are not able to arrange the EMI money by the stipulated date and due to this the EMI is bouncing, then you can talk to the manager for an arrear EMI. The loan installment date is usually at the beginning of the month, this is called advance EMI. Most of the 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.
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