Imagine if you have taken that loan regarding a bank and have overlooked make payment on EMI? When the for some reason money in your account was decreased, then your EMI doesn’t debited on the due date. You’ll found an indication from your own bank, thru telephone call otherwise current email address, requesting to pay the fresh expenses. In some cases the lending company lets a few days elegance months where you could potentially pay the instalment. After this grace months, the bank can charge you a belated payment percentage. It might be believed a standard for folks who miss the EMI from the 90 days otherwise 3 months.

The latest opinions conveyed in this article was private and don’t necessarily create the fresh new viewpoints away from Axis Bank Ltd

• High Attract: The bank may charge a top interest on your mortgage, for many who default on your own EMI a few times, as you may be considered a dangerous borrower. (далее…)