Delay Charges:
Delay charges are additional fees applied when your EMI payment is not made by the scheduled due date. These charges accumulate based on the duration of the delay and it is charged daily
Late Payment Fee:
A late payment fee is a one-time penalty imposed for missing the EMI due date. This fee is usually fixed and separate from delay charges and it is applied on 4th of every month
Both charges can negatively impact your credit score and increase your overall financial