An EMI becomes overdue by one day when the scheduled instalment has not been successfully received on the due date and remains unpaid on the following day.
This can happen because of insufficient funds, a failed auto-debit, banking delays or an oversight by the borrower. A one-day delay does not automatically mean that serious recovery action will begin. However, borrowers should check the payment status and take prompt action to resolve the issue.
Why can an EMI become overdue for one day
A one-day delay can occur for several reasons.
Common causes include:
- Insufficient funds in the bank account.
- Failed NACH or e-mandate transaction.
- Technical or banking issues.
- Incorrect account information.
- Missing the payment due date.
Identifying the reason for the delay can help borrowers address the issue quickly and reduce the risk of the amount remaining outstanding.
Will a one-day overdue EMI affect your loan account
The impact of a one-day delay depends on the status of the account, the payment method and the terms of the loan.
A short delay may result in:
| Possible outcome | Explanation |
|---|---|
| Outstanding amount remains unpaid | The EMI continues to appear as due until payment is received. |
| Payment reminders | Customers may receive communications regarding the unpaid amount. |
| Further action, where applicable | Depends on the circumstances and the loan terms. |
The exact consequences vary from case to case.
Can a one-day delay affect your credit score
The effect on a credit score depends on several factors, including whether the payment remains unpaid and the reporting processes applicable to the account.
A one-day delay does not automatically mean that a credit score will be affected. However, borrowers should address the missed payment promptly and monitor their account to ensure that the payment status is updated correctly.
