Missed EMI? Your Credit Score Will Plummet, Loans Get Costlier: Know the Impact

• Missing even one EMI by over 30 days can severely damage your credit score for months, making future loans more expensive.
• Repayment history accounts for about 30% of a credit score, making a single major default highly impactful.
• Credit bureaus record delays over 30 days, and this can affect your score for up to two years, remaining on your report for 36 months.
• A low credit score can lead to significantly higher interest rates, costing tens of thousands in additional interest over the loan tenure.
• To mitigate impact, pay outstanding amounts immediately, inform lenders of technical issues, and set up auto-debit for future payments.