Credit score goes down if these EMIs are not paid on time. But you can get out of the loan trap by settling the settlement. Many times it also happens that we take a loan from the bank but due to job loss or other reasons we are unable to pay the EMI. So now you don't need to panic. Because there are many ways in which these problems can be solved.
You can contact the branch. If for some reason your first installment gets bounced then you should go to the lending bank immediately. And should talk to the manager there. Usually in such a situation the manager advises to pay the next installment carefully.
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If the reason for paying your installments is big, you can put your monthly installments on hold for a few months. It will give you relief for a few months. The amount can be refunded when the money is settled.
There are two ways to pay EMI. First way is advance and second is oriyars. Usually the holders pay the EMI in advance. The modes of payment of advance and outstanding EMI are different.