Personal Loan M- If you miss you once, you will be surprised!

With the increase in the number of personal loans in the country, the lapse is also increasing! But the lack of personal debt EMI is a serious financial mistake. To deal with this problem, the Reserve Bank of India (RBI) has suggested that the borrowers be cautious and responsible. Do you know how much damage it does if the original loan EMI is not created?

Five results of personal debt EMI

Credit Score Fall: If an EMI misses your credit score from 50 to 70 digits. This decline can increase interest rates or prevent new debt applications. This can negatively impact your total credit profile. This is why individual debt EMI should always be remembered.

Karumjit Singh, head of HDB Financial Services Credit Policy, said, “Penalty will bear the charge-overdose interest, which can adversely affect your credit score, which can lead to an uncomfortable debt process by your financier.

Penalty Charge – Interest Accumulation: Financial institutions such as banks and NBF seals usually charge a fee of 1-2% of EMI. In addition, the fine applies to the time limit of interest EMI. It increases the debt burden. These developments lead to a severe increase in cost.

Bhushan Padkil, Senior Vice President of Transunion Sibyl and Direct and Direct Consumer Business Head for Consumer Business, said .. “The missing personal loans will greatly affect your credit score in re -payment. Stable rebellion record credit opportunities regularly monitor scores and credit profiles,” he said.

Right vs. Prominent Default: NPA classification: Missing payments within 90 days should be considered a small default. In addition, individual debt becomes a non -cusical property (NPA). Both Credit Bureau and Banks then identify it and flag it down. Once classified as NPA, then your debt record will deteriorate for many years. To create problems with personal debt and credit card applications in the future.

Recovery Call- Legal Action: Recovery calls, legal measures, usually begin with outstanding arrears for 60 days. Borrowers are forced to see recovery agents at their home. If the default continues, legal action can be led under the negotiable equipment Act of 1881.

Prolonged impact on credit capacity: Personal debt is a consistently curved credit score, the NPA list can easily damage a person’s future debt qualification. Since private loan omissions are still in private banks, the borrower can find it difficult to get a new loan or only get new loans with too much interest rates and not with convenient repayment rules and conditions.

Financially constant: What can you do?

Therefore, the borrower should be considered sacred by EMI. Timely payment is important not only for individual credit but also for the economic health of the country.

(Note- This is only a legend designed for information. Personal debt must be remembered as risky.)