Missing an EMI (Equated Monthly Instalment) on any loan can be stressful. At Vizzve Finance, we understand that unexpected situations — medical emergencies, job changes, or cash flow issues — can sometimes disrupt repayment schedules.
This guide explains what happens if you miss a Vizzve loan EMI, and how to get back on track without damaging your credit or incurring unnecessary penalties.
Immediate Impact of Missing an EMI
1️⃣ Late Payment Fees
A penalty or late payment fee may be charged depending on your loan agreement.
2️⃣ Interest on Overdue Amount
The unpaid EMI may attract additional interest until it’s cleared.
3️⃣ Credit Score Impact
Your repayment record is reported to credit bureaus. Repeated delays can lower your credit score and affect future loan eligibility.
4️⃣ Loan Tenure Extension
If missed EMIs aren’t regularized quickly, your loan tenure may get extended, increasing total interest payable.
Steps to Take If You Miss an EMI
Step 1: Don’t Ignore It
Contact Vizzve Finance immediately. Early communication signals responsibility and can help you avoid larger issues.
Step 2: Pay the Overdue Amount as Soon as Possible
Clear the missed EMI plus charges promptly to minimize impact.
Step 3: Request a Grace Period
In genuine emergencies, Vizzve may offer a short grace period depending on your repayment history.
Step 4: Explore Restructuring Options
If your cash flow is hit for a longer period, ask about rescheduling, part-payments, or extending tenure.
Step 5: Set Up Auto-Debit
Avoid future misses by setting up ECS/auto-debit for your EMIs.
How Vizzve Supports Borrowers
Friendly Communication: Reminder notifications and support calls to help you stay updated.
Flexibility: Where possible, Vizzve offers one-time rescheduling or partial payments to genuine cases.
Financial Wellness Tools: Access to budgeting tips and loan calculators to plan repayments better.
Tips to Avoid Missing EMIs
Maintain an emergency fund equal to at least 2–3 EMIs.
Align EMI due dates with your salary credit.
Monitor your bank account balance before auto-debits.
Use Vizzve’s customer portal or app to track upcoming EMIs.
Conclusion
Missing a loan EMI doesn’t have to spiral into a financial crisis. By acting quickly and communicating with Vizzve Finance, you can limit penalties, protect your credit score, and explore flexible repayment solutions.
❓ Frequently Asked Questions (FAQ)
1. Will missing one EMI ruin my credit score?
One missed EMI may slightly affect your score; repeated delays have a bigger impact. Always clear dues promptly.
2. Does Vizzve charge penalties for missed EMIs?
Yes, late fees may apply as per your loan agreement. Check your loan terms for exact charges.
3. Can I get a grace period for repayment?
In genuine cases, Vizzve Finance may allow a short grace period or rescheduling. Contact support immediately.
4. Will my loan get cancelled if I miss multiple EMIs?
Not necessarily, but legal or recovery action may be initiated if defaults persist. Always communicate early.
5. Can I reschedule my EMIs with Vizzve?
Yes, depending on eligibility and internal policy, Vizzve may offer restructuring options to help you manage repayments.
Published on : 16th September
Published by : SMITA
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