Missed your EMI this month? Don’t worry! The Reserve Bank of India (RBI) has introduced a new guideline that gives borrowers some relief.
If your EMI bounces, you now get a 30-day window to clear your dues — without any impact on your CIBIL score!
In this blog, let’s break down what this new RBI update means for you and how you can use this grace period smartly.
What Happens When Your EMI Bounces?
Normally, missing an EMI would mean:
- A penalty or bounce charge from the bank
- A drop in your CIBIL/credit score
- A bad remark in your loan repayment history
- Higher difficulty getting future loans
But now, thanks to the new RBI rules, you get a second chance!
What Are the New RBI Guidelines on EMI Bounce?
Here’s what the updated rule says:
✅ 30-Day Grace Period:
If you miss paying your EMI, you have 30 days to clear the dues.
✅ No Immediate CIBIL Impact:
During this 30-day window, your missed EMI will not be reported as a default to credit bureaus like CIBIL.
✅ Repay and Save Your Credit Score:
If you repay the overdue amount within the grace period, your credit score remains safe and unaffected.
✅ Applies to All Types of Loans:
These guidelines are applicable for personal loans, home loans, vehicle loans, and other retail loans.
Why Is This RBI Move a Big Relief?
🔹 It prevents one missed EMI from ruining your credit history.
🔹 It protects borrowers from temporary cash flow issues.
🔹 It gives responsible borrowers time to recover without penalty on their credit report.
Important: You still have to pay any bounce charges or penalties charged by your bank/NBFC separately — but your CIBIL score remains safe if you pay within 30 days.
What Should You Do If Your EMI Bounces?
👉 Act Fast: As soon as you realize your EMI has bounced, arrange funds and clear the dues within 30 days.
👉 Talk to Your Lender: Some banks might even offer easier settlement options during the grace period.
👉 Stay Alert: Keep track of your EMIs through SMS or mobile apps.
👉 Avoid Multiple Bounces: Repeated defaults can still harm your overall financial health.
Conclusion
Thanks to the new RBI guideline, one missed EMI is no longer a disaster!
But remember, use this 30-day window wisely.
Clearing your dues on time protects your credit score, improves your financial discipline, and keeps your future borrowing capacity strong.
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✅ Stay safe. Stay smart. Happy Lending!