A reader writes to us asking,
Hi,
I have missed 200rs payment in the last emi of my settlement which i not known and i have paid after the date of the payment will this will be an issue or should i speak to manager about this and if i apply for loan after this is there any possibility to get loan approval.
Immediately contact the and ask for the latest statement, if the balance reflects as ZERO, you are Safe. However, you state that it was "Settlement" so if it was a Settlement at lower price than what you actually owed, then your credit report will reflect as "Settled" and chances of getting new loan approved will depend on your current "Income" Status. If High Salaried (> Rs 100,000 take home) then chances are high else, you will have to repair your credit history first.
