How to manage loans & credit rating, avoid defaults: Aparna Ramachandra

Missing EMIs on loans, particularly personal loans, can result in penalties, late payment fees and legal action against borrowers. With personal loans attracting high penalty charges, a missed EMI can cost Rs 7,000-8,000 in additional outflow. In terms of home loans, there are three charges for missed EMIs, including a check bouncing charge and fees ranging between 0.25% to 0.75% of the loan outstanding. Even a delay of 30 days is reflected in a borrower's credit score as a ‘delayed payment’ and negatively impacts creditworthiness.

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