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Can I Skip EMI Payment?
Missing or skipping an EMI (Equated Monthly Installment) is one of the most common financial concerns faced by borrowers today. Job loss, medical emergencies, cash-flow problems, or technical issues can make it difficult to pay EMIs on time. Many people search questions like “Can I skip EMI payment?”, “What happens if EMI is not paid for one month?”, or “Is there a grace period for EMI payment?”
This article explains everything in detail, including missed EMI scenarios, grace periods, penalties, credit score impact, bank-wise processes, and what you should do if you are unable to pay EMI.
Can I Skip EMI Payment?
In most cases, you cannot skip EMI payment freely. EMI is a legal obligation mentioned in your loan agreement. However, there are limited situations where EMI may be postponed or rescheduled with lender approval.
When EMI skipping may be allowed
- Bank-approved moratorium
- EMI rescheduling or restructuring
- Short-term grace period
- Special relief during job loss, disaster, or pandemic
When EMI skipping is NOT allowed
- Without informing the lender
- Due to negligence or intentional default
- Repeated EMI non-payment
Skipping EMI without approval can lead to penalties, credit score damage, and legal action.
Can I Skip EMI Payment for a Month?
Skipping EMI for one month without bank approval is treated as a missed EMI.
What happens if you skip EMI for one month?
- Late payment charges are applied
- Interest continues to accumulate
- Credit score may be impacted
- Recovery calls may begin
Even one skipped EMI can reduce your CIBIL score by 30–80 points, depending on your credit profile.
Can I Skip EMI Payment Online?
You cannot legally skip EMI online through an app or website unless your lender provides a specific option.
What you CAN do online
- Raise a service request
- Apply for EMI rescheduling
- Request payment extension
- Pay partial EMI (if allowed)
Always check your bank’s official app or customer care.
EMI Missed by One Day What Happens?
Missing EMI by one day is usually not very serious, but it depends on the lender.
Possible outcomes
- Some banks offer 1–3 days grace period
- Late fee may be waived
- No immediate CIBIL impact (in many cases)
However, repeated delays—even by one day—can create a negative repayment history.
Grace Period for EMI Payment
A grace period is a short time after the EMI due date during which payment can be made without heavy penalties.
Typical grace period
| Loan Type | Grace Period |
|---|---|
| Home Loan | 3–7 days |
| Personal Loan | 1–5 days |
| Credit Card EMI | 1–3 days |
| Consumer Durable EMI | 0–3 days |
Grace period is not mandatory and varies by lender.
What Happens if EMI Is Not Paid for One Month?
If EMI is not paid for one full month, it becomes a delinquency.
Consequences
- Late payment charges
- Penal interest
- Credit score drop
- Reminder calls and emails
- Negative repayment remark
If unpaid for 90 days, the loan may become NPA (Non-Performing Asset).
What Happens if EMI Is Not Paid on Time?
Late EMI payment leads to:
- Penalty (₹500–₹2,000 or more)
- Additional interest
- Reduced loan eligibility in future
- Stress from recovery calls
Paying even 2–3 days late repeatedly can harm your credit profile.
EMI Missed by One Month – What to Do?
If EMI is missed by one month:
- Pay immediately with penalty
- Contact lender support
- Explain the reason
- Request waiver (if genuine reason)
- Avoid second consecutive miss
What Happens if EMI Is Not Deducted Due to Insufficient Balance?
This is treated as EMI bounce.
Effects of EMI bounce
- Bounce charges
- Penal interest
- CIBIL impact
- ECS/NACH failure remark
Always maintain sufficient balance 2–3 days before EMI date.
How to Pay Missed EMI in HDFC Bank?
Steps to pay missed EMI in HDFC
- Login to HDFC NetBanking
- Go to Loan Account
- Select “Pay Overdue EMI”
- Choose payment method
- Confirm payment
You can also visit the nearest HDFC branch or call customer care.
Unable to Pay Personal Loan EMI Due to Job Loss
If you lose your job, do not ignore EMIs.
What you should do immediately
- Inform the bank
- Submit job loss proof
- Request EMI restructuring
- Ask for temporary relief
- Explore balance transfer or settlement
Banks are more cooperative when you communicate early.
EMI Postponed for 3 Months – Request Letter
EMI postponement requires written approval.
When postponement may be granted
- Medical emergency
- Job loss
- Natural disaster
- Pandemic-like situation
Always submit a formal request through email or branch.
Can I Skip Loan Payment at Capitec?
Capitec (or similar lenders) does not allow skipping EMI without approval.
Options may include:
- Payment holiday request
- Loan rescheduling
- Short-term extension
Contact official customer support before missing payment.
Can I Skip a Loan Payment at Finchoice?
Finchoice requires prior approval for any EMI change.
Without approval:
- EMI is marked as missed
- Penalties apply
- Credit record is affected
Can I Skip a Loan Payment at Capfin?
Capfin and similar NBFCs:
- Do not allow skipping EMI freely
- May offer restructuring
- Require valid financial hardship proof
Can I Skip a Loan Payment at Old Mutual?
Old Mutual policies depend on:
- Loan type
- Repayment history
- Reason for delay
Skipping EMI without communication may lead to default classification.
Can I Skip Student Loan Payment?
Student loans often provide relief options.
Possible reliefs
- Grace period after course completion
- Moratorium
- Income-based repayment
- Temporary deferment
Always check loan agreement terms.
Can I Skip a Personal Loan Payment?
Personal loan EMI skipping is high risk because:
- No collateral
- Higher interest
- Faster credit score impact
Only possible with bank approval.
Can I Skip a SoFi Loan Payment?
SoFi (or similar digital lenders) may offer:
- Forbearance
- Temporary payment pause
- Modified repayment plans
Approval depends on financial hardship proof.
Does Phone Get Locked if EMI Is Not Paid?
Yes, in smartphone EMI loans, the phone may get locked.
How phone lock happens
- EMI default triggers device control app
- Phone shows warning screen
- Limited access until payment
This is common in BNPL and instant phone finance.
What Happens if I Don’t Pay EMI for 6 Months?
This is a serious default.
Consequences
- Loan classified as NPA
- Legal notice
- Recovery agents
- Credit score severely damaged
- Difficulty getting future loans
What Happens if Bajaj EMI Is Not Paid on Time?
Bajaj Finserv EMI default leads to:
- Late fees
- Penal interest
- Recovery calls
- CIBIL impact
- Device lock (for gadget EMI)
EMI Missed by One Day – Is It Serious?
Usually not serious, but:
- Late fee may apply
- Habitual delays are risky
- Automated systems record delay
Summary Table: EMI Miss Scenarios
| Scenario | Impact Level |
|---|---|
| EMI missed by 1 day | Low |
| EMI missed by 1 week | Medium |
| EMI missed by 1 month | High |
| EMI missed for 3+ months | Very High |
| EMI unpaid for 6 months | Severe |
Final Advice for Borrowers
- Never ignore EMI
- Communicate with lender early
- Use grace period wisely
- Protect your credit score
- Read loan agreement carefully
FAQs
Can I skip EMI payment legally in India?
No, EMI cannot be skipped legally unless your bank officially approves a moratorium, restructuring, or payment holiday.
Will my CIBIL score drop if EMI is missed by one day?
Usually no for a single day, but repeated delays can negatively affect your CIBIL score.
What is the grace period for EMI payment?
Most banks offer a grace period of 1–7 days, depending on loan type and lender policy.
What happens if EMI is not paid for one month?
Late fees, penal interest, recovery calls, and a possible drop in credit score may occur.
Can banks waive late fees for missed EMI?
Yes, banks may waive late fees if the delay is genuine and you contact them immediately.
How many EMIs can be missed before loan becomes NPA?
Generally, if EMIs are unpaid for 90 days (3 months), the loan is classified as NPA.
Does EMI bounce affect future loan approval?
Yes, EMI bounce or missed payments reduce loan eligibility and increase interest rates in future loans.
Can I postpone EMI due to job loss?
Yes, many lenders allow EMI restructuring or temporary relief if job loss proof is submitted.
What should I do if EMI is not deducted due to insufficient balance?
Pay the EMI immediately through net banking or branch to avoid bounce charges and CIBIL impact.
Does phone get locked if mobile EMI is not paid?
Yes, in many smartphone EMI schemes, the device may get locked until pending EMI is cleared.
Can student loan EMI be skipped?
Student loans often provide moratorium or deferment options, but EMI skipping requires lender approval.
Is it better to pay partial EMI or miss it completely?
Paying partial EMI is better than missing it, but always confirm with your lender before doing so.