When the EMI of any loan is missed or bounced, first of all, it affects the CIBIL score of the borrower. After this, the financial image of the customer is spoiled in the eyes of the concerned bank (bank news).

Even if the credit score is bad, do not worry, you will get a loan easily in this way.

He will not get a loan from any other bank in the future also. In such a situation, it is important to protect the CIBIL score from getting spoiled. If you do these 4 things when the EMI of the loan (EMI repayment rules) bounces, then your CIBIL score will be saved from getting spoiled.

Give this assurance to the bank manager.

It is not that there is no solution to protect the CIBIL score from getting spoiled when the EMI of the loan (EMI Bounce). If you wake up in time, then it can be saved from getting spoiled. If the EMI of your loan has bounced due to compulsion, then you can go to the bank and tell your compulsion to the manager.

You can also present past evidence while assuring you to pay the EMI (Loan EMI repayment rules) on time in the future. After this, you can get some relief. The bank manager can also save you from the penalty imposed on EMI bouncing.

Take this step as soon as the second installment bounces.

It is not good for the customer if two consecutive installments of any loan bounce (EMI Bounce reasons). After this, the bank sends a notice to the loan holder. If the third installment also bounces then the CIBIL score can get spoiled (cibil score update).

So do not miss the third chance because after three months the bank also sends a report (cibil score report) for the CIBIL score. After this, your CIBIL will get messed up.

In such a situation it is important that if two installments bounce, go to the bank and assure the officer of paying the previous installments. After this, you can request the bank manager not to send a negative report of the CIBIL score.

Option to hold EMI

If you feel that your EMI may bounce and after a few days you will have the money then you can go to the bank and choose the option of EMI hold.

You will have to apply for this, you can also get the EMI held for some time by explaining the entire situation to the bank manager. You can pay it as soon as the money comes.

Arrear EMI will make the path easy.

Arrear EMI is an option that can give great relief to the loanholder in difficult times. Usually, the loan EMI (loan EMI repayment rules) has to be paid at the beginning of the month, this is called advance EMI.

If your salary comes at the end of the month or the money is arranged in the last week of the month, then you can choose the option of arrear EMI and pay it.

This option can be chosen by talking to the bank manager and applying even after taking the loan. This will ensure that your EMI (loan repayment rules) is paid on time and your CIBIL score will be saved from getting spoiled.

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