InvestorQ : What happens if I miss an EMI payment or if the ECS mandate fails?
Swapnil Sarang made post

What happens if I miss an EMI payment or if the ECS mandate fails?

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Ayushi Kampani answered.
3 years ago
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First of all, try your best not to miss any instalment for this has long-term repercussions on your credit score.

Any irregularity on your part with respect to your repayment, will get reported in your credit report. Depending upon the severity and the regularity of the miss, it may have a serious impact on your future credit possibilities like in obtaining a home loan, car loan, etc.

As for the immediate impact, the bank or non-banking finance company (NBFC) will levy certain ECS bounce charges or penalties on you. There is also a possibility of the bank taking legal action against you.

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