What is delay payment in cibil?
Delay payment in cibil means a customer unable to pay his emi on or before the due date.
Delay payment instances, where a customer raised a complaint debited bounce charge from customer bank account or charges pending in loan account.
Delay payment happened due to various reason , such as :-
Delay payment due to technical issues with the bank.
Delay payment due to signature mismatch with bank account.
Delay payment due to, customer forgetting his/her emi due date.
Delay payment due to financial problems.
Sometimes, delay payment due to insufficient funds in account, which was seen in most of the account.
In simple terms, delay payment actually happens when a customer pays after the scheduled date.
For eg, Customer A takes a loan of ₹20,000. His emi date is the 3rd of every month. Customer A, suppose, to keep sufficient balance on the 2nd of every month, so that it gets deducted on 3rd.
But, due to many reasons, customers forget to maintain sufficient amounts in account, on 3rd it gets bounced.
Days counting from 3rd to the payment date is the days lately made a payment is a delay payment.
In cibil, it mentioned the number of days.
eg, 12days, 15days, 20days and 100days.
In cibil, higher delay payment lead to negative impression of the customer.
In Finance term, it is called DPD(Number of day overdue)
Why Finance does not provide loan with higher DPD customer?
Finance does not provide loan to higher Delay payment customer because, it increase the probability of getting loan into default or bad debt.
Can i erased my DPD from my cibil record?
No, it is not possible to earsed Delay payment from Cibil record. But, cibil score can be improved by availing another loan with good repayment track record.
what is late payment charge?
Late payment charge is the charge that is imposed by bank and NBFC due to payment done lately.
