We may miss our loan repayment at times due to unavoidable circumstances , like an unexpected medical expense may come up, loss of job , or any other unforeseen situation. Due to this default our credit rating gets affected. And in future availing of any kind of loan or credit card can be difficult.

If a loan repayment or EMI as commonly known is missed , there are penalty charges , late fees or at time legal fees gets added to your loan account. If you miss paying on the date of the EMI, you should try and make the payment within the same month before the EMI is 30 days past due. By doing so you can avoid the extra charges being levied. But if you would be aware that an EMI maybe missed by you for couple of months , then you should contact the bank immediately and make them aware of your situation. They can workout a plan for you so that the payment does not show as a late payment. At least they will be aware of your intention to pay and maybe lenient on levying charges to your loan account.
When an EMI is missed the bank normally would call the customer and ask for the payment to be made within a certain period where the customer can stay current in his repayment schedule. For secured loans the asset is hypothecated to the lender hence he has possession of your property. And the borrower can loose his possession.

So, if ever you miss your payment, send it immediately to the bank so that your loan repayment is on track.