Delay Charges: These are additional fees applied when your EMI payment is not made by the due date. They accumulate daily based on the duration of the delay.
Late Payment Fee: This is a one-time penalty imposed for missing the EMI due date. It is fixed and applied on the 4th day of every month.
Both charges are levied by the Lending Partner and can negatively impact your credit score while increasing your overall financial obligation. To avoid this, we strongly recommend making timely payments.