You can only miss your EMI if you have insufficient funds in your bank account. Few days grace period will be given to you to pay your EMIs. Further 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 lender (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.