We will be reminding you to pay on or before the due date. People do not realize this, but missing your payment on the due date will have the following negative effects:
a) Late payments will be reported to the credit bureaus (CIBIL, Experian, Equifax, Highmark) and your credit history will be negatively impacted. You will feel the impact in the future, when you try to take any other loan or credit card (e.g. a Home loan or a Car/Two-wheeler loan).
b) You will incur a late payment fee, which is 0.1% per day (36% per annum) along with Rs. 300 bounced back direct debit fee (as charged by your respective bank)
c) If you don’t pay after continual reminders, we along with our finance partner may initiate recovery proceedings.
So, we advise you to please not miss your loan re-payments.