A one-off cheque bounce is a common occurrence that can happen to anyone for multiple reasons. But do you know how an SME loan EMI payment bounce impacts your credit?
When your SME loan EMI payments bounce, it can have a lasting impact on your future loan prospects, so your financial actions 1-2 days after the bounce are critical! Some ways you can avoid such bounces are:
- Transfer money to the bank account where the EMI is pulled from at least a day before the payment is due.
- Set a monthly automatic reminder that alerts you about the EMI due date.
- Always maintain a certain minimum balance in your bank account that is higher than your EMI amount.
Find out how an EMI payment bounce impacts your creditworthiness and credit.
If you’re in the market for a hassle-free SME loan or looking to refinance a loan you’ve already taken, CreditEnable can help you do just that at no cost to you!
Business Loans. Enabled Simply.