Skip to main content


It is universal truth that life is full of certainties and nobody can predict when unplanned expenses will strike them. However, such expenses might ruin your monthly budget bit it also makes you to default on your loan EMIs. Whether you don’t have enough funds to pay your installments but sooner you act on, it would be better for your financial health. Therefore, defaulting on your monthly installments will have repercussions on your credit profile.

When you "Apply For Loan" with specific lending institution, they will keep you updated about the EMIs whether it’s paid or missed. If you don’t have sufficient funds in your bank account and EMI can’t be deducted from your account, then you could receive an email or call from lender about the failed EMI payment or you would be given with additional time to pay the installment.

Now, if you are in an uncomfortable situation of defaulting on monthly installments, then here are some steps that you can follow to avoid the negative impact on your credit profile:

  • Talk to your lender: It is the first and important step to take that telling your lender about the reason of missing payments such as any delay in salary or medical emergency. Then your loan officer will ask you to pay the EMI in subsequent month. However, make sure to pay the both EMIs on time and you may have to pay the penalty charges for the late payment.
  • Seek a loan extension: If you are facing any untoward situation like job loss or suffering from medical urgency where you feel that repaying an EMI would be difficult for you in the upcoming months then ask you lender for viable remedy such as loan extension or restructuring the loan and so forth.
  • Mobilize other assets for repayment: When you feel an issue in repayment of loan then you could seek a secured loan against any personal asset or investment such as loan against gold, loan against property, loan against any fixed deposit. As a new loan with collateral would carry a lower rate of interest, so it will be easy for you to pay the pending EMIs with such amount.
  • Loan settlement: If nothing works according to your ease and you can’t see other way out then ask your lender about the loan settlement. However, it is not the best option and not an easy too but your lender may consider it for a genuine reason. Therefore, reach your lender to repay the lump sum amount of loan and they will consider your loan as settled but it will adversely affect your credit report.

When you think to "Apply For Loan Online" or offline, then avail the amount that you can afford to repay easily. Go for the online EMI calculator present on different lending platforms to know your installment amount before getting a loan. Consider your financial planning along with loan cost and stay disciplined to ensure timely repayments. In case of default, never feel shy in discussing the situation with lender.


Popular posts from this blog


In India, being a developing country every year many start-ups are launched and operated successfully. There are really a great number of young people who come up with an excellent business ideas every year. But most of businesses fail and the main reason behind it is the lack of funding. Nowadays, banks and other financial institutions become more stringent in the eligibility criteria to sanction a business loan. And to " Make Your Business Loan Successful "  you need to provide a stack of documents to the lender. Then the lender verifies your documents and takes 30 to 40 days to disburse the loan. So the parallel way of business funding is ShubhBank. Our aim is at funding your dying business but our way of functioning is different from other traditional lenders. We provide easy business loans for small and medium-scale enterprises with progressive vision. ShubhBank have different process of gauging the loan eligibility than traditional banks and financing compa


Nowadays, gaining a financial freedom is a primary goal of many people which generally means investments generating higher returns, enough savings and ample amount of cash to upgrade their lifestyle or to face any financial emergency. Everyone wants a financial planning which could lead them to pursue desired career and to retire stress free by earning certain amount every year. Hence, we are stepping into 2022; here we have mentioned some good financial habits to follow this coming year: Update the Financial Plan:  It would be the best financial decision to make a plan for your money but creating a plan is not enough, one should make sure to update his/her financial plan regularly that can improve your today and tomorrow’s financial life. Therefore, just update your plan to navigate your financial decisions without any stress. Invest in good habits:  People who possess certain money attitudes which help them to achieve financial success. There are not any secret strategies or investin


Nowadays, loan is a go to debt consolidation tool that come handy while financial crunch, planning a business expansion and upgrade or fueling up the expenses that arises sudden of any emergency. Most of the people apply for a loan as they are easily available online on different digital lending platforms. A number of lenders with the help of digitalization have made these loan schemes easy to avail and make it sure to provide you the liquid funds within few minutes. However, it has been an easy process now but a plethora of queries come around authentic lenders whether it’s about safety of personal details and cyber security. Here, we help you to understand what lenders need in hand to process a loan application and how secure it is to provide your data and documents to a lending institute. Nevertheless, you take precautions; the risk regarding your personal information may prevail. We have formulated this blog post to impart the necessary information regarding the authenticity of the