After taking a loan, paying its EMI is a challenging task for the loan borrower. Missing or bouncing even a single EMI has a negative impact on the CIBIL score. If you have also taken a loan and are facing problems in paying its EMI, then you should do these 4 things. This will make it easier to pay your EMI on time and your CIBIL score will also not be affected.
But the real problem comes when there is a problem in paying the EMI of the loan. As soon as an EMI bounces, first the CIBIL score starts deteriorating and then the bank also gets ready to take action. If you are also facing this problem, then there is no need to panic. Just do these 4 important things, this will not only save your CIBIL score from getting spoiled, but it will also become easier to pay EMI.
Do This After Reaching The Bank
If you are facing problem in paying the loan EMI, then first of all go to the bank and talk to the manager about it. Inform them about the correct situation and if you have not missed the EMI intentionally, then tell about this as well. It would be appropriate to talk to the manager of that bank branch from where you have taken the loan. Explain the entire problem properly and also assure that this will not happen in future. This can solve your problem. On talking, the penalty imposed by the bank after EMI bounce can also be reduced.
Choose The Option Of Holding EMI
If you are facing difficulty in paying the loan EMI for a few months, but you can arrange it later, then you can request the bank to hold the EMI.
For this, you will have to go to the bank and submit an application and tell about your current financial situation. If the bank feels that what you say is right, then it can hold your EMI for some time, which will give you some relief.
Find A Solution Before The Third EMI Bounces
If two of your EMIs have bounced in a row and you feel that the third one may also bounce, then contact the bank immediately. This is because if the EMI bounces for three consecutive months, the bank sends the report of your loan to CIBIL, which can spoil your credit score.
So talk to the bank before the third EMI bounces. Pay the previous EMI or request the bank not to send a negative report to CIBIL. You can find another solution to this by talking to the bank manager.
Choose The Right Date To Pay EMI
If you choose the right date for EMI while taking a loan, you will not face any problem later. Often the EMI date in banks is at the beginning of the month, but if your salary comes late, then you can set the date of paying EMI according to your salary.
If you have already fixed the EMI date and now want to change it, then contact the bank and choose the option of arrear EMI. In this, you get a chance to pay EMI at the end of the month, so that EMI will not bounce due to late salary. Paying loan EMIs can sometimes be difficult, but if you take the right steps at the right time, you can avoid problems. Communicate properly with the bank, put the EMI on hold if needed, and manage your EMI date according to your salary
Conclusion
By adopting these methods, CIBIL score can be improved in a very short time. your CIBIL score will be saved and it will also be easy to pay EMI. So adopt these methods without tension and keep your financial life smooth. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
