If you miss an EMI, daily delay charges will start from the very next day and continue until the overdue amount is cleared. Additionally, a one-time late payment fee will be applied on the 4th of the month if the payment remains unpaid.
Missed payments may also be reported to credit bureaus, which can negatively impact your credit score and affect your ability to get loans in the future. To avoid extra charges and maintain a healthy credit profile, it’s best to make your EMI payments on time.