Missing an EMI has serious consequences:
Immediately: Late fee charged (usually 2-3% of EMI amount). Bank sends reminder.
After 30 days: Reported to credit bureau. Score drops 50-100 points.
After 90 days: Account classified as NPA (Non-Performing Asset). Severe credit score damage.
After 180 days: Legal action possible. Property seizure for secured loans.
What to do if you cannot pay: Contact your bank BEFORE the due date. Request EMI restructuring or moratorium. Banks prefer working with you over legal action.
Track your EMIs: FinanceGuide Loan Tracker
Disclaimer: This website provides general educational information only and does not provide personalized investment advice or recommendations. Financial decisions should be made after considering individual circumstances and consulting a qualified professional where appropriate. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance does not guarantee future results.