Missing one EMI can be stressful. Missing three consecutive EMIs? That can trigger serious legal consequences and credit damage. But don’t panic — Vizzve Finance helps you understand what happens and how to recover.
What Happens If You Miss 3 Consecutive EMIs?
1. Immediate Drop in CIBIL Score
Your credit score can drop by 50–100 points or more.
Future loans and credit approvals become harder.
Late EMIs stay on report for years.
2. Legal Recovery Notices
Lenders may issue Section 138 legal notice under the Negotiable Instruments Act.
After 90+ days, loan is treated as an NPA (Non-Performing Asset).
Banks may initiate loan recovery proceedings or civil case.
3. Increased Interest + Penalties
Missed EMIs attract penalty interest (2–3% extra per month).
Total loan repayment increases significantly.
Some lenders add late payment charges per EMI.
4. Lenders May Seize Security (for Secured Loans)
In secured loans (car, home), lender can:
Send repossession agent
Auction your asset under SARFAESI Act (for banks)
Personal loans don’t allow seizure, but court recovery is possible.
5. Repeated Defaults May Lead to Blacklisting
CIBIL and Experian flag chronic defaulters
Can lead to:
Loan rejection for 5–7 years
Denial of credit cards
Ineligibility for housing or car loans
What Can You Do If You've Missed 3 EMIs?
✅ Contact Your Lender Immediately
Request for grace period, restructuring or moratorium
Ask for an EMI holiday or temporary reduction via Vizzve
✅ Apply for Loan Restructuring
RBI allows restructuring due to hardship (job loss, illness, etc.)
Vizzve can guide you through official channels
✅ Consolidate Loans
Combine all loans into one lower EMI loan via Vizzve
Helps reduce overall interest burden
✅ Start Making Minimum Payments
Even paying a portion can reduce penalties
Shows “good faith” to lenders
✅ Get Financial Counseling
Vizzve offers credit score recovery advice and tools
Avoid repeated defaults
Summary Table – Missed EMI Impact
| Missed EMIs | CIBIL Score Impact | Legal Risk | What You Should Do |
|---|---|---|---|
| 1 EMI | Low–Medium | None | Pay ASAP + Inform lender |
| 2 EMIs | Medium–High | Warning | Restructure / Negotiate |
| 3+ EMIs | Very High | Legal Risk | Take help + Consolidate |
FAQs – Missing EMIs in India
Q1. Will I go to jail if I miss 3 EMIs?
No jail, but legal notices and court proceedings are possible.
Q2. Can my CIBIL score recover after defaults?
Yes, if you repay, restructure, or settle and maintain future discipline.
Q3. How can Vizzve help me?
Vizzve helps with loan restructuring, credit counseling, and new repayment plans.
Vizzve Finance Advice:
💬 "Missing EMIs happens. But ignoring it multiplies the damage. Act early, talk to your lender, or let Vizzve help."
Published on : 22nd July
Published by : SMITA
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