Loans & EMI Guide #75: Why You Should Never Miss Even a Single EMI (Hidden Consequences)

 

Think Missing One EMI is No Big Deal? Think Again.

Skipping just one EMI can cause a chain reaction — fees, interest hikes, and long-term damage to your credit history. Here’s the real cost of a missed EMI.

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💣 Consequences of Missing EMI

• Late payment fee (₹500–₹1,000)
• Penalty interest on balance
• CIBIL score drop (10–50 points)
• Account flagged as “Irregular”
• Difficulty in getting future loans/cards

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🧾 Timeline of Damage

• Day 1–30: Bank reminder calls
• Day 31–60: CIBIL gets negative mark
• Day 61–90: Account goes into “NPA watchlist”
• 90+ days: Legal or recovery action possible

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✅ What to Do If You Missed One EMI

1. Pay ASAP (even 2–3 days late is better than a month)
2. Inform bank & request reversal of fee (if first time)
3. Set up auto-debit or reminder system

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💡 Extra Tip

Keep 1-month EMI buffer fund in savings account. Always.

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✅ Conclusion

One missed EMI = months of recovery. Stay disciplined, automate payments, and avoid this painful trap at all costs.

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