Missed Loan EMI? Act Now to Prevent Legal Action & Protect Your Credit

• Respond promptly to lender communications, explaining your situation honestly to keep channels open.
• Explore options like EMI rescheduling, payment breaks, or extended loan tenures with your bank or lender.
• Request a repayment plan or a one-time settlement if full payment is challenging to close the loan.
• Make partial payments to demonstrate repayment intent, reduce dues, and potentially slow recovery actions.
• Do not ignore legal notices; seek immediate advice from a financial advisor or lawyer to protect your rights.

Why It Matters: Early communication and proactive steps with lenders are crucial to avoid legal trouble and credit damage after a loan default.