Missing an EMI can trigger penalties, extra interest, and a drop in your CIBIL score. But quick action can minimise damage. Pay the overdue amount, speak with your lender, reschedule EMIs if required, and set up auto-debit. With consistent payments, your credit score can fully recover in 3–6 months.

Personal loans in India come in many forms—secured loans backed by assets, unsecured loans without collateral, and specialized options like wedding, travel, or medical loans. Understanding these types helps borrowers choose wisely and manage finances better.

First-time borrowers no longer need a CIBIL score to apply for loans. As per RBI’s new guidelines, banks must assess applicants based on income, employment, and repayment capacity—not just credit history. This opens doors for young professionals and fresh applicants to access credit with greater ease and transparency.