In today’s time, most of the people living in metro cities buy any expensive item and instead of paying the entire amount in one go, they take it on EMI. If you also do this then this news is for you only. Actually, we buy the goods on EMI, but make a mistake while paying the EMI. Let us know about it in detail.
What is the mistake
If you have purchased any item on installments, then you should take care of this. That its EMI date should be such that money remains in your account. If even one EMI lapses, not only will you be fined, but your CIBIL score will also get affected. Apart from this, when you go to take any other loan in future, its effect will be visible on that also. This is the reason why people are told that whenever they buy any item, they should take special care that the EMI date should be kept at the same time as your salary.
That is, if your salary is between 1st to 5th. If it falls in between then you should also keep your EMI three or four days after the salary date. The benefit of this will be that even if the salary comes late by a day or two, your EMI will not lapse. At the same time, if you postpone the EMI date further than the salary date, then it is possible that the money in your account may be exhausted and your EMI may lapse. What will happen if the EMI lapses?
If any of your EMIs lapse, let us explain to you how much loss it can cause. According to a report by ET Bureau, recently a person delayed paying his home loan EMI by one day. By doing this, the CIBIL score of his home loan and top-up loan reduced from 799 to 772. Apart from this, the person’s Experian score also decreased by 10 points.
Interest is also affected
If you have not paid your EMI on time. If your CIBIL score falls due to this, it also affects the interest on your upcoming loan. Understand it this way, if you want to take home loan top-up from State Bank of India and your CIBIL score is more than 750, then you will get the loan at an interest rate of 9.10 percent. However, if any of your EMIs lapse or you pay it late and due to this your CIBIL score becomes less than 750, then you will get the same home loan top-up at an interest rate of 9.30 percent. strong>Also read: Multibagger Shares: Price of Rs 2 share crossed Rs 1400, gave return of more than 63 thousand percent in 5 years
