Home loan ECS got returned due to insufficient funds? Impact on CIBIL?

[yourmemebro]

Update: This issue has been sorted. Somehow, I managed to visit the branch and they helped me with the payment. Thanks a lot everyone for your suggestions.

Hi All!

My HDFC home loan ECS has been returned due to an insufficient balance. In fact, I had sufficient balance in my account, but I applied for an IPO yesterday, and due to the lien, the available balance became low, leading to this issue. I got this message at 4 pm today, so all the branches are now closed. Additionally, the banks are closed tomorrow as well. So it means that I won't be able to pay the amount before Monday.

I spoke to the customer care, and they said that they couldn't process the ECS again today as it's done only once a day. This means that there's no way I can pay the amount today itself.

Can someone please guide me on whether it will be immediately reported to CIBIL or if I will be given a chance to correct the issues? It's been over 10 years with credit cards and 3 years with this home loan, and I have never missed a single payment.

 

[vadixit]

If possible pay using other ways like net banking to the loan account. I did it once for SBI loan.
Though I am not sure if bank again trigger the payment or not causing double deduction.

 

[parasf]

Bank will not trigger ecs again
Tried to pay Home loan through net banking or any other app (if available)
In phonepe HDFC retail assets option available
Try with your loan account number (if your loan under HDFC retail assets)

If you paid it by today, you will be charged by bank for returning ecs, and your credit score will not be ruin

 

[kunal05]

Try transferring money from any UPI app with loan account number and IFSC. Works for SBI loan.

 

[yourmemebro]

If possible pay using other ways like net banking to the loan account. I did it once for SBI loan.
Though I am not sure if bank again trigger the payment or not causing double deduction.

No, they don't trigger the ECS again as it may bounce again resulting into multiple ECS return charges. They ask to visit the branch personally, requesting a payment link. Fortunately, the branch was open at 6 when I visited, and the officer was super helpful and helped me pay promptly.

 

[yourmemebro]

Bank will not trigger ecs again
Tried to pay Home loan through net banking or any other app (if available)
In phonepe HDFC retail assets option available
Try with your loan account number (if your loan under HDFC retail assets)

If you paid it by today, you will be charged by bank for returning ecs, and your credit score will not be ruin

Thanks for the suggestion. I visited the branch in the evening and fortunately, it was open. The officer was super helpful and I could pay the dues promptly. However, thanks a lot for this suggestion. I will keep it in mind (I hope I won't repeat it in future - but just in case)

 

[yourmemebro]

Try transferring money from any UPI app with loan account number and IFSC. Works for SBI loan.

This is something new. Fortunately, the branch was open when I visited at 6 in the evening. The officer was super helpful and I could pay my EMI promptly. But thanks for your suggestion. I will keep it in mind.