Consequences Of Non-Payment Of EMI And Ways To Avoid It
Non-payment of EMI or defaulting on a loan means that you have not been able to stick to the repayment terms. It indicates your failure to satisfy the legal obligations of a loan. For instance, if you take a home loan and don’t make the mortgage payment on time, it means that you have defaulted. Defaulting can mean avoiding an EMI payment completely, missing it, or making a late EMI payment.
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