By Admin 
Bank Loan EMI: If you have taken a loan from a bank or any non-banking financial company and for some reason you have not been able to pay its EMI on time, can the bank block your mobile SIM? Know what is its truth and what is very important for you to know.
If a person does not pay the EMI, the bank can adopt legal means to recover the amount paid, but it is not within its power to block the mobile number.
Can phone features ever be limited?
If you are not able to pay the EMI on time, the bank cannot block your mobile number or SIM, but it can definitely have some other disadvantages.
- First of all, your credit score may get worse. This means that it may be difficult to get a home loan, car loan, personal loan or credit card from the bank in future.
- On late payment of EMI, the bank can also charge penalty, late fee and additional interest. Due to this you may have to pay more money.
- If the EMI is not paid for several months, the bank can also take legal action as per the rules.
- If you have taken a loan by mortgaging your house, car or any other thing, then the bank can take action on that also.
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Can phone features be disabled?
This can happen only when you have purchased the mobile phone on EMI. According to RBI rules, the bank cannot take any immediate action. If EMI is not paid for at least 90 days and only after the entire process is completed, some features of the phone can be banned. But essential services like calls, internet and emergency (SOS) cannot be stopped completely.
What do experts recommend?
Financial experts say that if for some reason there is difficulty in paying EMI, it is better to contact the bank immediately instead of hiding the matter. Many banks also provide facilities like loan re-structuring, change in EMI or additional time for payment if needed. By talking in time, the matter can be avoided from getting worse and leading to legal disputes.
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