Know the disadvantages of missing your EMI

[ad_1] Digital banking has made it extremely easy to get a loan. While getting money is easy, repayment of the same should be your priority. Delay in repayment of EMI can take a serious toll on your financial health. Here’s what happens when you delay your EMI. penalty feeFor delaying EMIs by more than a month, the bank may levy a penalty of 1% to 2% on the overdue installment from you, subject to the minimum and maximum amount varying from bank to bank. The penalty fee may vary depending…