How It Will Impact If You Are Not Able To Pay Bank EMIs On Time?
Every Bank and financial organizations have their own rule’s regulated by the Reserve Bank Of India for granting a personal loan. The complete repayment schedule with the monthly installment details is clearly informed to every loan borrower at the time of loan disbursement. However, at times, even an honest borrower with an impeccable credit history may default on the due EMI due to several unavoidable reasons. While the financial institutions may not both too much for an aberration occurring once or twice, but if the defaulting continues there might be some serious repercussions for the borrower. Let us get to know the consequences of defaulting on a loan repayment installment. Negative credit score When a personal loan EMI defaults, it leads to a drop in the credit score of the borrower, which impacts his creditworthiness negatively. Nowadays, an individual’s credit history is available to all financial institutions so that they can assess the individual's cre