Banking: The Bank can take this action against you for not paying the home loan EMI..
In today's time, taking loans for houses, cars or other essential items has become a common thing. But sometimes such unexpected things happen in life when you are not able to pay the loan EMI on time. In such a situation, you need to be very cautious because the Reserve Bank (RBI) has indicated to show more strictness against those who default on EMI payments. If you are postponing the EMI of your home, car, and personal home loan. Its effect will be negative on your credit profile. Along with this, you will have to face penalties, etc.
Today in this news we will tell you what problems you have to face if you delay EMI.
Late payment charge
If you do not pay the loan EMI, you are charged a late payment fee. This varies depending on the bank and is a fixed amount or a percentage of the outstanding EMI.
Calls and messages
If you do not deposit the EMI then calls, messages and emails can be made from the bank. At the same time, if you do not pay EMI continuously, your account can also be declared NPA by the bank. Along with this, the bank can also send you a letter with information about filling EMI and outstanding payments.
Difficulty in taking loans in future
If you delay EMI, you may face problems in getting a credit card, a new home, car loan in the future. Because the creditor will be placed in a higher-risk category by the bank. Apart from this, if the bank gives a loan then you will have to pay more interest.
Credit score
If you do not pay the loan EMI. So there is a negative impact on the credit score. Due to a bad credit score, you will not be approved if you apply for another loan. A credit score above 750 is generally considered good.
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