Nikunj Soni

There are times when we cannot pay the EMI on loans. The reason could be because of loss of steady income or sudden illness. Just like heavy long term debt increases a company’s financial distress level, loans do the same to individuals.   Defaulting on the payment is a serious offence and we should avoid it at all cost. However, there are circumstances beyond our control that can make us default on the payment. This case, though not common, should not disturb our good sense or else things will go out of control.   Usually, in case of home loan, banks do not call you immediately if you miss 1-2 EMI. However, if this continues to 4-5 EMIs, banks will start chasing you. In case of car loan and personal loan, missing even 1 EMI can cause the banks to call you. It is completely in the discretion of banks. Few banks will not even wait for 1-2 months for any kind of loan. Missing a single EMI is reason enough for the banks to call you.   Why we default Mos...