How to Pay Missed SBI Home Loan EMI?

If you've missed an SBI home loan EMI, it's crucial to act promptly to avoid penalties and potential damage to your credit score. As soon as you realise you've missed an EMI, make the payment without delay. Delaying further can lead to additional charges and complications. So, how to pay missed SBI home loan EMI? Here's a step-by-step guide on how to address this situation:

1. SBI offers a convenient online platform for loan repayments. You can visit the SBI Digital Loan Collection portal to make payments using your loan account number and mobile number. This method ensures immediate credit to your account.

2. If you're facing difficulties in making the payment or need guidance, contact SBI's customer care at 1800 11 2211 or 1800 425 3800. They can provide assistance and discuss possible solutions.

To prevent missing future EMIs, consider setting up automated payments or reminders. This proactive approach ensures timely payments and helps maintain a good credit standing. Be aware that missed EMIs can attract penalties. For instance, SBI may charge a fee of Rs. 250 + GST per missed EMI. These charges can accumulate and increase your outstanding balance.

Consistent missed payments can lead to your loan account being classified as a Non-Performing Asset (NPA). This status can severely impact your credit score and may lead to legal actions or property repossession.

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You have three options that can help you with how to pay missed EMI in SBI home loan: use SBI's online banking, send money via NEFT, or get in touch with customer support to arrange for loan payment. If you are facing a cash crunch, then I’d advise you to talk openly and honestly with your bank about the issue. A provision in RBI regulations allows for a six-month freeze on long-term loans in the event of a true crisis.

How to Pay Missed SBI Home Loan EMI?

The 3 ways by which you can make the missed EMI payment in SBI are:

Online Payment

1. Open OnlineSBI and log in.

2. Choose "Funds Transfer (Within SBI)" from the "Payments/Transfers" section.

3. From the list of loan accounts, select your home loan account.

4. Choose "Loan Repayment" as the purpose and enter the remaining EMI amount.

5. Confirm and submit the transaction

NEFT Transfer

By using NEFT, move the EMI payment from your savings account to your loan account. Entering the correct loan account number and other required information is crucial. 

Contact Customer Service

Call 1800 11 2211 or 1800 425 3800 to speak with a customer care representative about the missed EMI and make payment arrangements.

I hope this helps give you some clarity.

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Can I Pay Home Loan EMI Through Credit Card?

I am aware that home loan EMI payment is an amount that needs to be paid on time. However, I missed paying SBI home loan EMI once. Hence, I can share the process of how to pay missed EMI in SBI home loan. 

• The SBI Bank imposes additional fees. Individuals who miss EMI payments are subject to penalty fines from SBI. It is typically between 1% and 2% of the outstanding EMI, though the amount charged may vary. 

• To be eligible to apply for a loan with SBI, borrowers must have a credit score of 750 or higher. The borrower's credit score can decrease by 50 to 70 points for each EMI payment that is missed.

• It would be challenging to get a house loan balance transfer if you missed two or three EMI payments in a row. As a result, you won't be able to refinance your loan at a lower interest rate. 

How to pay missed SBI home loan EMI?

Borrowers of SBI loans can pay off any overdue EMI payments online. They can use NEFT to transfer money from a savings account to the credit of a loan account. It is because the accounts are with SBI, and this transfer takes place immediately.

I hope this suffices your query about how to pay missed EMI in the SBI home loan. The most crucial factor to keep in mind is making timely EMI payments on loans to maintain credit standing.

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