What is overdue?||understand loan overdue||
Overdue in loan basically means payment not done on the due date.
Eg, if your payment due date is 5th of every month. On 6th onward, your loan account is considered overdue.
When does a loan become overdue?
The loan becomes overdue as soon as you fail to pay on the due date and it remains unpaid.
Is Overdue the same as default?
No, overdue cannot be considered as default, but, it is considered as late payment.
Default, basically means, the customer discontinues his/her emi
what happens if my emi is overdue?
If your emi is overdue, you have to pay a penalty charges, for late payment and report it to credit bureaus.
How many days overdue affects my credit score?
Basically, 30 days delay payment is accepted by some NBFC but above 30days is not accepted. it vary
Can I pay only part of the overdue amount?
It depends , some they accept and some you have to clear the overdue amount with emi.
How do i clear an overdue loan.
Follow the step by step process:
Go to any third party payment apps.
- Go to repayment, and select your lender name.
- Put ,your loan number , it will automatically show your total overdue amount.
- payment successful, it will update in your loan account.
Loan overdue can be resolved in a few click but, if the customer is not aware of the system, then he/she might be in difficult situation to pay high penalty and might also lead to decrease cibil score.
so, in order to make loan account healthy, one should be aware and make the payment on time.
