Missed an EMI payment? Whether my Credit history would be affected in India?

Everyone goes through a period where they can miss an EMI payment due to some reason or other. Some times due to lack of funds and sometimes due to forgetability.

A person need not worry if he/she missed an EMI Payment for the month as

  • Bank will not report it unless the person has defaulted on more than 3 or 5 EMIs continuously.
  • They won’t call you until some 5 or 10 days from the due date of missed EMI payment
  • They won’t harass as you will be given 30 days to set right the account


The problem arises only when you miss a payment completely for a month (After 30 days from the date of EMI you are still not paying it)