Simply put, the consequences for not paying back your Mihuru loan are the same as with bank loans'. The Reserve Bank of India has nominated 4 credit agencies (e.g. CIBIL) that track your financial credit scores. If you do not repay or delay your repayment after notifications, your default case will be automatically reported to all of these agencies via our financial partner, and the credit agencies will make a record of the occurrence. This could lower your credit score.
Once your credit score is affected negatively, you will not only lose your Mihuru credit limit access, but also all your future loan applications (even outside Mihuru) are likely to be negatively impacted. You might not be able to get loans in the future if you are looking to buy a house, car or two-wheeler or even getting a credit-card.
The finance partner might also initiate legal recourse to recover the money from you.
To avoid all this hassle and unnecessary trouble, we sincerely urge you to take loan repayments seriously and request you not to use funds to book your travel if you think you cannot pay your EMIs on time.