You can only miss your EMI if you have insufficient funds in your bank account. Delay in payments will be reported to CIBIL and will have financial charges. These charges are clearly indicated as part of the loan contract with the financing partner (Bounce charges are Rs 450 per bounce and late payment fees are 2% per month). Your credit limit will also be blocked if you miss the payment.
Modified on: Fri, 21 Jul, 2017 at 4:02 PM
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