A charge added when not even the minimum amount due is paid by the due date.
Late fees rise with the amount outstanding, from a few hundred rupees on small balances to over ₹1,000 on large ones, plus 18% GST. RBI rules say a payment counts as late only when it is more than three days past the due date.
A late payment is also reported to the credit bureaus, which can lower your credit score. Setting up autopay for at least the minimum amount due avoids both.
Short reads that explain how it works before you decide.
GuidesNo-Cost EMI: What It Really Costs You, With a Worked ExampleNo-cost EMI is not a trick, but it is rarely free. Here is where the money goes: the discount you give up, the processing fee, and GST on the interest, worked out on a Rs 30,000 phone.Read the guide →Automatically organise your spending, track expenses and understand where your money goes.
