If you have taken a loan and for some reason you have missed your EMI, then do not worry. If this has happened by mistake, then you can correct this mistake by trying some methods. Know here what is the way to do this.
EMI Home Loan Eligibility: Aarti, who has a government job, has bought a flat by taking a home loan. Every month, the EMI of the home loan gets deducted automatically from her account on the scheduled date. But once due to some reasons, the balance in her account was low and she could not pay attention to it. Meanwhile, the date fixed for EMI deduction passed and her EMI bounced. As soon as the EMI bounced, she started worrying that her credit score might go down.
She started finding out all the ways to keep her score from getting messed up, so that if she has to take another loan in the future, she does not face any problem. Like Aarti, this problem can come in front of anyone. But in such a situation, the question arises that if an EMI is missed by mistake, does it spoil the CIBIL score or is there any way to correct that mistake? Here we tell you about this-
What is the rule?
In this case, a bank official says that if a customer does not pay the first installment of the home loan, then the bank or financial institution does not take it seriously. The bank feels that due to some reason the EMI has been missed, so the bank gives the customer a chance till the next date of EMI payment. But when two consecutive EMIs are missed, the bank takes it seriously and sends a reminder to the customer. Even after this, if the customer fails to pay the third EMI installment, then the bank again sends a legal notice to repay the loan. Even after this, if the loan installment is not paid, the bank declares the customer a defaulter. So if your first installment has bounced, then do not worry.
Take these steps if the first EMI bounces
Go to the bank and explain the problem
If you have not done this intentionally, your EMI has bounced due to some difficulty or adverse situation, then first of all you should go to the 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. Assure the manager that this will not happen in future. If your point is reasonable, then he will definitely tell you the solution to this problem. It is possible that you may have to pay a penalty for missing the EMI. But it will not be so much that you cannot pay.
Application to hold EMI
If your problem is very big and you feel that you are not able to pay EMI for some time, then you can apply to hold the installment for some time by telling your helplessness to the manager. Sometimes the facility of moratorium is available under reasonable conditions. In such a situation, the customer’s EMI is held for some time. But in the meantime, interest payment has to be made. This facility will give you some relief in difficult times.
Arrear EMI option
If your salary is 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 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.
