CIBIL Score Tips: If you are not able to pay the loan EMI then do these 4 things..
Taking home loans and car loans while buying a house or car has become a common thing in today's time. Apart from this, many times people also take personal loans, etc. to meet their needs.
Whenever you take a loan, you have to pay EMI on a fixed date, otherwise a penalty is imposed by the bank. But sometimes the situation becomes such that it becomes difficult to pay EMI.
If you ever face 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 it does not affect your CIBIL score and you never have any problem in the future due to this.
Meet the bank manager-
In this case, retired bank officer AK Mishra says that if you have not done this intentionally, your EMI has bounced due to some difficult or adverse situation suddenly, 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. Explain your problem and assure them that this will not happen in the future. If your point is reasonable then this problem can be solved easily. In such a situation, even if the bank imposes a penalty, it will not be so much that you cannot pay it.
Talk about CIBIL score-
If you have bounced the installment for three months continuously, then your CIBIL score can be bad because the bank manager sends a report for the CIBIL score when the installment bounces for three months. But if one or two of your installments have bounced, then talk to the bank manager pay those installments, and request the manager not to send a negative report to your CIBIL. Also, assure them that this will not happen in the future. If the CIBIL score is bad, you may face problems in taking a loan next time.
Application to hold EMI-
If your problem is big 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 your compulsion to the manager. After some time, you can pay the amount when you arrange the money. This will give you some relief in difficult times.
Option of arrear EMI-
If your salary comes late or you are unable to arrange the EMI money by the due 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, it is called advance EMI. Most loan takers 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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