I missed my emi by few hours (7-8)...will my credit score decrease or will i get charged late payments fees?

[dino]

Hello everyone....i have an auto debit emi (lender is Mahindra finance) on 15th of every month which get paid by around 10am directly through my account.(kotak mahindra bank)
But today (15th jan) i forgot to transfer emi amount to that particular bank....and i have received a confirmation from my bank (not yet by my lender)...that "ecs request has been returned due to insufficient balance."
Now if i pay...my emi using my lenders app...on 15th jan( my emi date) at 5pm.

Ques 1:- Will i get charged late payments fess?

Ques 2:- will my credit score decrease?

Kindly tell me.....if you know about it

Edit:- My account for auto debit is kotak mahindra bank
And my lender is Mahindra finance

 

[Deleted member 7241]

Your Credit Score will not decrease however Aapko ECS Return ka Charges lagega..

Most banks ECS K LIYE DUBARA BHI TRY KARTI HAI

YO Jis bank se EMI CUT HOTA HAI..WAHA BALANCE RAKHO..

AUR immediately Support System ko Contact karo..

Agar Penalty lagate hai to wo Waive off b karte hai..lekin fir bhi Ye Sahi nahi hai..

Maintain Sufficient balance

 

[dino]

Your Credit Score will not decrease however Aapko ECS Return ka Charges lagega..

Most banks ECS K LIYE DUBARA BHI TRY KARTI HAI

YO Jis bank se EMI CUT HOTA HAI..WAHA BALANCE RAKHO..

AUR immediately Support System ko Contact karo..

Agar Penalty lagate hai to wo Waive off b karte hai..lekin fir bhi Ye Sahi nahi hai..

Maintain Sufficient balance

@vrushanksoni Bro....tou mujhe kya karna chahiye abhi.....lenders (Mahindra finance) ke app se mai khud pay krdu emi abhi?
Ya phir bank (kotak mahindra bank) ecs ke liye dobara try kre...uska wait karu?

And i can't contact support system of bank as today us sunday.

 

[Deleted member 5552]

@vrushanksoni Bro....tou mujhe kya karna chahiye abhi.....lenders (Mahindra finance) ke app se mai khud pay krdu emi abhi?
Ya phir bank (kotak mahindra bank) ecs ke liye dobara try kre...uska wait karu?

And i can't contact support system of bank as today us sunday.

Which is your Bank? ICICI & HDFC charge Rs 500 or more plus GST for ECS return.
I faced similar issue, HDFC Bank tried to deduct amount at early morning, there was no amount. But fortunately, Bank again tried to deduct the amount in same day. So I escaped from great penalty ( Ecs charges+ Late fee, Almost Rs 1200)

But ICICI is not like that, they never try again in the same day to charge ECS return penalties

 

[Deleted member 7241]

Pehle to balance rakho bank me..May b Bank ECS RE TRY KARE..

Aur aapko jo thik lage wo karo..
Aur Customer Care se bat karo..

Unka system kya hai woh muje pata nahi.

Most banks Ecs Re- Try karti hai..

 

[Deleted member 5552]

If loan provider allows you to pay manually, pay it immediately. Otherwise you will have to pay late penalty + interest + gst

@vrushanksoni Bro....tou mujhe kya karna chahiye abhi.....lenders (Mahindra finance) ke app se mai khud pay krdu emi abhi?
Ya phir bank (kotak mahindra bank) ecs ke liye dobara try kre...uska wait karu?

And i can't contact support system of bank as today us sunday.

 

[Deleted member 7241]

Which is your Bank? ICICI & HDFC charge Rs 500 or more plus GST for ECS return.
I faced similar issue, HDFC Bank tried to deduct amount at early morning, there was no amount. But fortunately, Bank again tried to deduct the amount in same day. So I escaped from great penalty ( Ecs charges+ Late fee, Almost Rs 1200)

But ICICI is not like that, they never try again in the same day to charge ECS return penalties

Exactly...Pehle balance rakho...

Baad me aapko jo Thik lage wo..

Lekin Balance to Rakho hi.

 

[dino]

Which is your Bank? ICICI & HDFC charge Rs 500 or more plus GST for ECS return.
I faced similar issue, HDFC Bank tried to deduct amount at early morning, there was no amount. But fortunately, Bank again tried to deduct the amount in same day. So I escaped from great penalty ( Ecs charges+ Late fee, Almost Rs 1200)

But ICICI is not like that, they never try again in the same day to charge ECS return penalties

My bank for auto debit is kotak mahindra bank...and my lender is Mahindra finance.

 

[dino]

Exactly...Pehle balance rakho...

Baad me aapko jo Thik lage wo..

Lekin Balance to Rakho hi.

Balance tou maine rakh hi diya hai account mei..
Now my question is...ki agar mai khud se lender ke app se pay kar deta hu ..then idhar bank se bhi cut ho jaaye....tou 1 emi ki jagah 2 emi chali jayegi....tou ye 1 extra emi loan mei adjust ho jayegi ya phir mujhe refund mil jayega?

 

[theranos]

Balance tou maine rakh hi diya hai account mei..
Now my question is...ki agar mai khud se lender ke app se pay kar deta hu ..then idhar bank se bhi cut ho jaaye....tou 1 emi ki jagah 2 emi chali jayegi....tou ye 1 extra emi loan mei adjust ho jayegi ya phir mujhe refund mil jayega?

they will probably adjust to next emi if paid twice and can also request for refund ...but pay it first and also maintain balance then get in touch with lender and communicate that what has been done and inform them to update whatever can be done here
contact kotak int customer care no +912262042001 they would be available Sunday also
kotak usually gives 1 day grace if it's from their own books and will retry for ecs
this is my experience especially on non working day

 

[Deleted member 7241]

they will probably adjust to next emi if paid twice and can also request for refund ...but pay it first and also maintain balance then get in touch with lender and communicate that what has been done and inform them to update whatever can be done here
contact kotak int customer care no +912262042001 they would be available Sunday also

Perfect Answer

 

[dino]

they will probably adjust to next emi if paid twice and can also request for refund ...but pay it first and also maintain balance then get in touch with lender and communicate that what has been done and inform them to update whatever can be done here
contact kotak int customer care no +912262042001 they would be available Sunday also
kotak usually gives 1 day grace if it's from their own books and will retry for ecs
this is my experience especially on non working day

I have added the sufficient balance in my bank account hours ago.....going to pay through lenders app as well for just to be sure.
And i still couldn't contact kotak support through the number you have given...saying the same thing..that we are not available at non working days.
Will contact them tomorrow.

And.. thanks so much bro....for helping

 

[dino]

Thank you so much everyone for helping
This community is very helpful in almost every situation....and i am happy to be part of it

 

[theranos]

I have added the sufficient balance in my bank account hours ago.....going to pay through lenders app as well for just to be sure.
And i still couldn't contact kotak support through the number you have given...saying the same thing..that we are not available at non working days.
Will contact them tomorrow.

And.. thanks so much bro....for helping

just now spoke to them they're available if not getting connected after entering crn quote the issue as consumer durable loan or credit card (even though you don't have one or in different categories)you can surely connect them because just ended the call and post that explain the situation they will transfer the call to appropriate dept or would arrange call back

 

[dino]

Wait...let me try again.

 

[dino]

just now spoke to them they're available if not getting connected after entering crn quote the issue as consumer durable loan or credit card (even though you don't have one or in different categories)you can surely connect them because just ended the call and post that explain the situation they will transfer the call to appropriate dept or would arrange call back

Thank you bro....i just talked to kotak customer support.....they are telling me to wait....the lender will re-try ecs in 2-3 days.
But just to avoid charges... I am paying right now through lenders app as well.. i have also added sufficient balance in my account too.

Let's see...if my credit score decreases or not..

 

[theranos]

Thank you bro....i just talked to kotak customer support.....they are telling me to wait....the lender will re-try ecs in 2-3 days.
But just to avoid charges... I am paying right now through lenders app as well.. i have also added sufficient balance in my account too.

Let's see...if my credit score decreases or not..

if 15th was your due date and have paid directly via their app or portal and is successful no need to worry about bureau reporting as it's done and they're by law liable to rectify even if it was reported and by paying it on same day you're in good stand on their books as a customer....

kindly let them know that you have done payment as automation may lead to error in reconciliation

if you have done this you can go to ombadsman also for resolution if bank or lender isnt rectifying the reporting part

but ecs failure may attract charges and you can request them to waive off the same....but that's upto them ...give ahonest try and make them feel that your genuine and honest in repayment

 

[dino]

Actually...i requested them to not charge ECS failure...they said...i have to pay.

 

[Subhajeet]

Hello everyone....i have an auto debit emi (lender is Mahindra finance) on 15th of every month which get paid by around 10am directly through my account.(kotak mahindra bank)
But today (15th jan) i forgot to transfer emi amount to that particular bank....and i have received a confirmation from my bank (not yet by my lender)...that "ecs request has been returned due to insufficient balance."
Now if i pay...my emi using my lenders app...on 15th jan( my emi date) at 5pm.

Ques 1:- Will i get charged late payments fess?

Ques 2:- will my credit score decrease?

Kindly tell me.....if you know about it

Edit:- My account for auto debit is kotak mahindra bank
And my lender is Mahindra finance

As per standard procedure u will get three days grace for the same so if u are paying with in the stipulated time frame then u have no issues and consequences to be faced and no civil reporting will be done. Credit cards are already following and most of the nbfc taken the same route
hasNow answering your queries:-

It depends on the bank and your relationship and negotiation power ask the customer care of the Kotak Mahindra Bank vide email and they will assist accordingly, in most cases they are more than happy to waive off the same.


Secondly for the credit score there will be no impact and even If the same is reported just ask civil customer care stating the facts and showing them the deduction date and bank statement and ask them to consider the same in a month or two the same even if civil has deducted would be happy to restore the same points, mostly my experience no effect.

Thirdly ur primary task would be to ask Mahindra finance as well to request to waive off the charges if they have levied any and lastly ask them stating your relationship and history that this is an exception and will not be repeated again and were in financial constraint and crisis to take and consider the case and not to report the same matter to cibil and if reported they should correct the same hope this clarifies the doubt.