What to Do If You Miss EMI Payments?

Types of EMI Payment Defaults

What are the Consequences of Missed EMI Payments?

What You Should Do If You Miss EMI Payments

Tips on Rebuilding Your Credit Score

Conclusion

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Mild Default

Major Default

Negative Impact on Credit Score

Late Fee and Penalty Charges

Collection Call and Legal Action

Impact on Co-Borrowers or Guarantors

Contact the Lender Immediately

Consider Loan Restructuring

Use an Emergency Fund

Pay Partial EMIs

Seek Financial Advice

Timely Payment Going Forward

Clear Outstanding Debts

Keep Clear Utilization Low

Monitor Your Credit Report

Debt Management and Settlement