Contractorbhai team : What are common mistakes by Home owner/customer post loan?
Loan Expert : customer doesn’t make payments. Or he fails payments schedules. Especially salaried customers have to link correct bank account for auto payment. Like bank have fix dates to receive EMI payments. At times salaried customers receive their salaries late or forget to make payments, etc. So the repayment schedule has gone for a toss.
Contractorbhai team : Is there any penalty or other charges in-case of late repayments?
Loan Expert : Usually bank gives 30 day to repay. But this affects your CIBIL score. Also it is visible in your history that repayments are made late by so many days. Say you have made late re-payments by 5 days, you see a negative 5 points of marking in history. And next time say you want car loan or any other loans, this 5 marking is evident that can hinder avail you a loan.
People have tried to settlement with their credit card, or writing off. Initially they think this is a good option to go ahead with, but again everything is captured in your Credit History. Next time they go for another loan, all the history is evident.