Missed your EMI by a day? Here's how it can affect your credit score
India Today – Top Stories
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Summary
Your salary gets credited a day late. An unexpected medical bill drains your account. The auto-debit fails because your balance falls short by a few hundred rupees. Or perhaps, in the rush of everyday life, you simply forget the EMI due date. The fear is understandable. After all, your credit score plays a crucial role in determining whether you qualify for future loans, credit cards and even the interest rates banks offer. But the reality is far less dramatic than many borrowers imagine. Missing an EMI by just one day does not automatically damage your credit score. A delayed salary, an unexpected expense or an inactive auto-debit mandate can all trigger an unintended default. Borrowers whose salary dates do not match their EMI schedules may also benefit from requesting a change in their repayment date.
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Missed your EMI by a day Heres how it can affect your credit score
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