In India, missing a credit-card payment or personal-loan EMI can make the amount overdue and trigger charges or interest under your lender’s terms. The consequences depend on the product: RBI rules allow credit-card late charges and past-due reporting only after the account remains unpaid for more than three days, while a term loan is generally classified as a non-performing asset (NPA) only after principal or interest is overdue for more than 90 days. Neither threshold is a grace period that cancels the amount due or prevents earlier contractual charges.
What happens first after a missed payment?
The installment or card payment is overdue from its stated due date if it has not been received. Your lender may apply interest or charges according to the agreement and disclosed fee schedule. The exact amount depends on your product and lender, so check your latest statement, loan agreement and schedule of charges. RBI says a loan agreement should specify due dates, repayment frequency and the principal-interest breakup (RBI Master Circular on prudential norms).
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A missed due date does not immediately make a personal loan an NPA. Lenders track overdue amounts and may use intermediate Special Mention Account (SMA) categories before NPA classification. For a term loan, RBI’s general rule classifies the account as an NPA when principal or interest remains overdue for more than 90 days. Charges and contracted interest may apply well before then.
Credit-card payment and personal-loan EMI rules differ
| Situation | What the RBI threshold means | What it does not mean |
|---|---|---|
| Credit-card bill remains past due | An issuer may report the account as past due to a credit information company or levy a late-payment charge only if it remains past due for more than three days. The count runs from the due date printed on the statement. | It does not mean the bill is not due during those three days or that other interest under the card terms cannot apply. |
| Credit-card minimum amount due remains unpaid | The card account is classified as an NPA if the minimum amount due is not fully paid within 90 days of the statement’s due date. | This is not a 90-day period without possible charges or interest. |
| Personal-loan term EMI remains unpaid | The general term-loan NPA threshold is principal or interest overdue for more than 90 days. | The EMI is still overdue earlier, and contractual charges or interest may accrue before NPA classification. |
These are regulatory classification and reporting thresholds, not extensions of your contractual due date. RBI’s provisions are set out in its prudential norms circular.
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What if you pay only the credit-card minimum?
Paying the minimum amount due can help avoid leaving that minimum unpaid, but it does not clear the full statement balance. If you do not pay the total amount due, the interest-free period is lost and interest may apply to the outstanding balance. RBI warns that repeated minimum-only payments can stretch repayment over months or years as interest compounds. Late-payment fees and related delay charges are applied to the outstanding amount after the due date; the fee and rate depend on the issuer’s terms. See RBI’s credit-card FAQ and credit-card directions.
Can a missed EMI affect your credit record or score?
RBI rules allow card issuers to report a past-due account only after it remains past due for more than three days, and require prior intimation before reporting default status. Prolonged nonpayment may appear in credit records and can matter to future credit assessments. There is no universal score-point reduction established for one missed payment: the effect depends on reporting and assessment circumstances, so do not rely on a guaranteed score outcome.
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Check your credit report for the account’s reported status. If you believe the information is wrong, keep your payment evidence and raise a documented dispute with the lender and credit bureau.
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What to do after missing a payment
- Check what is due. Review the card statement or loan agreement for the due date, unpaid amount, applicable charges and interest, and the payment posting method.
- Pay promptly if you can. Ask the lender how much is required to bring the account current, then keep the receipt or confirmation and check that the payment has posted.
- Contact the lender if you cannot pay in full. Ask what arrangements may be available. A lender is not guaranteed to offer a moratorium, waiver, restructuring or repayment plan.
- Document payment or posting errors. If a debit failed or a payment was delayed in posting, retain bank records and open a documented complaint with the lender.
How to understand charges on a personal loan
RBI says penal charges for default on loan accounts should be reasonable and based on the amount in default. A penal charge cannot itself be added to the loan balance to generate further interest. Contracted-rate interest may continue on unpaid interest, including an unpaid EMI, until the account is brought current. The applicable amounts and payment terms are lender- and product-specific; consult the agreement and ask the lender for an itemized amount due. RBI’s FAQ on penal charges explains the framework.
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