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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How to Block SIM Card: Nowadays, everything from personal to banking details is stored in mobile. In such a situation, if it is stolen then the tension increases. If the phone is stolen then first of all the SIM card should be blocked. If the SIM card remains active, the phone thief can drain your bank account and easily gain access to social media accounts. Today we are going to tell you why it is important to block the SIM card and what is the method for it.

This is why it is important to block the SIM card

Nowadays everything from social media to bank account is linked to SIM card. Even if you have to log in on a social media platform, OTP will come on your mobile number and if you use UPI or net banking, OTP will also come on your mobile number. In such a situation, if your SIM card reaches the wrong hands, it can cause serious damage. This may lead to incidents of SIM fraud.

What is the method to block SIM card?

If your phone is stolen then the SIM can be blocked by contacting customer care. Take another phone and call the customer care number of the SIM company. The customer care executive will ask for many information from you including name, mobile number, address and KYC details. Once the correct information matches, your SIM card will be blocked.

If you are not able to talk to the customer care, then you can also go to the SIM company’s store and get the SIM card blocked. Here you will have to show a government ID to prove your identity. After this your SIM card will be blocked. After blocking the old SIM, you can also get a new SIM with the same number from the store. For this, KYC process will have to be completed.

Don’t forget to do this also

After the phone is stolen, block the SIM as well as change the passwords of all your accounts. Apart from this, do not forget to inform the bank and police also to stop banking transactions. If an Android phone is stolen then Find My Device and iPhone users can trace its location with the help of Find My.

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