Consequences of Non-Payment of EMI & Ways to Avoid It.

Missing out on an #EMI payment date can happen to anyone for various reasons. However, it is extremely important to avoid such delays as it can affect in different ways. Here are a few tips to avoid such negative consequences…

Consequences of Non-Payment of EMI & Ways to Avoid It.

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Missing out on an #EMI payment date can happen to anyone for various reasons. However, it is extremely important to avoid such delays as it can affect in different ways. Here are a few tips to avoid such negative consequences for non-payment of an EMI.

Consequences of non-payment of EMI and ways to avoid it

# Consequence 1
Late payment of EMI will attract a late fee or penalty charges

# Consequence 2
Interest rates may go up

# Consequence 3
You may find yourself in a loan trap if you fail to pay the EMI on time

# Consequence 4
It will affect your credit score

# Consequence 5
Non-payment of EMI will hamper your chances of getting a loan in future

# Consequence 6
You may have a stressful time, and constantly be afraid of some legal action

So, let us understand how to avoid defaulting on a loan

#Tip 1
Prepare your budget and reserve enough money to pay your EMI without fail

#Tip 2
Avoid frivolous spending till the loan is paid off

#Tip 3
Create a contingency fund

#Tip 4
If you have multiple EMIs, pay off the one with a higher interest rate first

Click here https://bit.ly/2YB98R0 to read more.

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