When the EMI amount is not deducted on the action date then you will be charged a late fee or interest. There are multiple reasons as to why the EMI amount is not deducted. 

One reason could be when the EMI date falls on a holiday. In that case it will be debuted the next day and if not the next day, within the same month. If it’s a bank holiday, then you won’t be charged the late fee. 

Another reason for the EMI not being deducted could be insufficient balance, here is where your cheque/ECS will bounce. It’s highly recommended that you always maintain the required balance in your account for EMI deduction. 

However, if the EMI is not deducted even after maintaining sufficient balance, you should immediately contact your bank regarding this. You can either approach your home bank branch’s help desk to sort the issue. Or connect with the customer care team online to resolve the issue. Make sure to have the loan account number handy for faster resolution of the problem. 

If you are trying to avoid paying your EMI then beware of its consequences as it will burn a hole in your credit score. When credit scores get affected your credit worthiness will take a hit. 

Tips to maintain healthy credit scores regarding EMI:

  • Always have sufficient account balance

  • Check regularly every month for EMI deductions

  • Opt for convenient EMI rates on products.

  • NEVER avoid paying EMI

Additional Reading: What Happens If I Miss An Emi Payment On My Loan