New Delhi, June 13 -- Household debt is continuing to climb in the country and the defaults in the retail segment are also rising. Keeping these factors in mind, missing out on your personal loan EMI is a serious financial misstep.

To combat the same challenge the Reserve Bank of India (RBI) has urged borrowers to stay vigilant and inculcate responsible borrowing habits.

1. Credit score plunge: Even a single EMI missed can hit your credit score by 50 to 70 points. This drop may raise interest rates or block new credit applications. It also leaves a negative mark on your overall credit profile. That is why do ensure that you never miss your personal loan EMIs.Karamjeet Singh, Lead - Credit Policy, HDB Financial Services, says "Besides in...