i have applied for loan & if i dont pay EMI on given date what charges do i incur ? do i get any grace period or do bank people give some additional time to pay it ?
2007-08-04 03:54:57 · 2 answers · asked by kumar l 1 in Business & Finance ➔ Credit
A due date is the last date for an on time payment to be received. You should always send your payment in advance to be sure it gets there before the due date.
Check your loan paperwork but typically, if you are late, you get a late charge. If the payment becomes more than 30 days late, it gets reported to the credit bureaus.
2007-08-04 04:02:40 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
call your bank asap when they open on mon. i'm not sure. this is secured credit probably so may not be as bad as missing a credit card payment. reader's digest just had a fabulous article on this subject. unfortunately i read it in the doctors office and was sick so didn't absorb all of it. what I did get was....if you place an electronic payment to a credit card company and are as much as THREE MINUTES late...they can and will raise your APR....basically shoving you further behind the 8 ball. keep an eye on your credit report, talk to your bank and see if you can fix this before it snowballs.....good luck.
2007-08-04 11:05:25 · answer #2 · answered by bella36 5 · 0⤊ 0⤋