What happens if I miss personal loan EMI for 3 months?
Your credit history is one of the most consequential financial assets you have in India today. It determines whether you can buy a home, start a busin
What happens if I miss personal loan EMI for 3 months?
Three months. That is exactly how long it took for one of my closest colleagues — a schoolteacher from Lucknow — to go from a clean credit record to a loan account marked as NPA (Non-Performing Asset). She had taken a ₹3 lakh personal loan for her daughter's medical treatment. She never intended to default. A salary delay, an unexpected hospital bill, and then a family emergency — three bad months in a row, and suddenly she was getting legal notices, recovery calls, and watching her CIBIL score drop by over 150 points. When she came to me for help, the damage was already done. But the worst part? She had no idea how serious things had become until it was almost too late. Nobody had ever clearly explained to her what actually happens — legally, financially, and practically — when you miss personal loan EMIs for three consecutive months in India. I have spent years in financial operations and equity dealing, and I can tell you with complete certainty: personal loan default is one of t…
