By continuing, you agree to LoansJagat's Credit Report Terms of Use, Terms and Conditions, Privacy Policy, and authorize contact via Call, SMS, Email, or WhatsApp
Disclaimer: The information published on LoansJagat is intended for general informational and educational purposes only and should not be considered financial, legal, or investment advice. Interest rates, loan terms, statistics, and other data may change over time and may vary by lender or source. Please verify the latest information and consult a qualified financial advisor or the respective Bank/NBFC before making any financial decisions.
Apply for Loans Fast and Hassle-Free
Subscribe Now
About the author
LoansJagat Team
‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.
Related Blog Post
Simplify All Your Loans Into One Affordable EMI
Customers Served
Debt Consolidated
1200+ Reviews
Locations in India
Club all Loans & Credit Card Bills into Single EMI
Quick Apply Loan
Consolidate your debts into one easy EMI.
Takes less than 2 minutes. No paperwork.
10 Lakhs+
Trusted Customers
2000 Cr+
Loans Disbursed
4.7/5
Google Reviews
50+
Banks & NBFCs Offers
Other services mentioned in this article
Missing just one EMI payment damages your credit score permanently and costs you extra money. Banks charge late fees, report delays immediately, and increase future loan rates. Read this blog to learn how missing EMIs affect your finances.
Missing one EMI can hit your credit score hard. Payment history forms 35 % of the score. Even a one‑day delay is reported as late. A recent report says a single missed EMI may drop your score by 50–100 points or more. This stain stays in the report for at least three years.
Pay the missed EMI with any late fee immediately. Contact your lender and ask for a goodwill adjustment. Set auto‑pay or reminders to avoid repeats. Resume punctual payments to gradually rebuild credit.
Tushar’s score fell by 30 points in May. Two on‑time EMIs in June and July earned back 10 points. Consistent payments will heal his score over time.
Missed EMIs result in late fees, negative credit impact, and potential penalties from lenders. Missing an EMI leads to late payment fees, increased interest rates, and potential legal action. Banks apply additional charges on overdue amounts beyond the original EMI.
Read More – Missed EMI Could Destroy Your Credit
Your repayment history will show the default. This can hurt your future borrowing ability. It may trigger collection calls. Persistent delay could lead to legal action.
Here is an example:
Yogesh missed his ₹10,000 EMI. He paid ₹150 as a fee and ₹200 as overdue interest. He bore ₹350 extra. His CIBIL score dropped by about 60 points. He received reminder calls from the lender. Missing one EMI may seem small. But it adds cost and risk. Always pay on time.
Loan eligibility means how much you can borrow. Banks check your age, income, credit score, job stability, and existing debts. A good credit history makes approval more likely. They also use a rule: your EMIs should not exceed 40‑50 % of your income. That keeps repayments manageable. Higher income and lower debts increase eligibility.
Harsh can take a loan where EMI ≤ ₹10,000. This means he can borrow more if his income rises. If Harsh clears his current EMI or raises his score, he can organise a more favourable loan.
Future access to credit might become limited, or you could face higher interest rates. Missing payments affects your creditworthiness permanently. Missed payments now impact your credit score faster, making timely repayments crucial.
Over time, that small hike makes your loan more expensive. Your lender may also penalise you with late fees and report the delay to credit agencies. That can reduce your credit score slightly and push up future loan interest rates.
₹200
₹5,000
*T&C Apply
In Manish’s case, one missed EMI means he pays ₹183 extra that month. Over the years, this accumulates. It also sends a bad signal to lenders. They may charge him higher rates next time. It is best to pay EMIs on time or speak to the bank if trouble arises.
If this is the first time you miss your EMI, your bank can provide you with a flexible repayment option. Banks initially send reminders through messages, emails, and calls. After 120 days, the bank can send a letter of demand asking for the balance amount in full.
Also Read - Impact of Late Payments on Your Credit Score
This can make future loans harder or costlier. Lender communication matters here. You should inform them quickly. They may offer a revised due date or help you work out a plan.
In this case, Shivam missed a ₹10,000 EMI. He paid a ₹500 late fee and ₹200 interest. He now owes ₹10,700 instead of ₹10,000. His credit score fell a bit, too. These small effects can build up. Talk to your lender early. They can guide you on the next steps.
Missing one EMI hurts your credit score, adds fees, and raises interest costs. Always pay on time or talk to your lender quickly to avoid bigger problems. Stay on track with payments.
1. What happens if I miss one EMI payment?
Your credit score drops, and you will pay late fees and extra interest.
2. Will my bank charge me for a late EMI?
Yes, banks add late fees (1-2%) and overdue interest.
3. Can missing one EMI affect future loans?
Yes, lenders may offer higher interest rates or reject your loan.
4. What should I do if I miss an EMI?
Pay it ASAP and tell your bank to avoid worse penalties.
5. What happens if I miss EMI after consolidation?
Late fees will apply, and your credit score will drop. Missing payments on a consolidation loan is as harmful as missing payments on any other loan, so timely repayment is important.
6. Is debt consolidation risky?
It is not risky if used wisely. The main risk is taking a longer tenure to get a lower EMI but ending up paying more total interest. It can also backfire if you start using cleared credit cards again.
7. What are the disadvantages of debt consolidation?
A longer tenure increases total interest paid. Processing fees add to the cost. If you keep spending on credit cards after consolidation, you can end up in more debt than before.
8. Can debt consolidation increase total interest?
Yes, if you choose a very long tenure. A lower EMI feels better monthly, but stretching the loan too long means you pay more interest overall than you would have on your original loans.
9. Can debt consolidation lead to more debt?
Yes, if you are not careful. Once credit cards are cleared, some people start spending on them again. This creates new debt on top of the consolidation loan, making the situation worse.
10. Should I close old credit cards after consolidation?
Not necessarily. Keeping them open but unused helps maintain your available credit limit and keeps your utilisation ratio low. Closing them can actually hurt your credit score.
