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Why payment of credit on time is important
If you repay loan/facilities outstanding on the due date it keeps your financial liabilities in order and it affects your credit score positively.
Any missed or late payment adversely affects your credit score. Failure to repay on due date; will be considered as a default event. Default in repayment would attract additional penalties and lead to series of issues like adverse impact on your credit score, legal action against you, enforcement of the security submitted by you etc.
In case of any unforeseen circumstances, if you start falling behind on your credit repayments it can be difficult to know what to do. It is important to know that while things can be difficult, you are not alone.
There are quick and easy things you can do and people you can talk with, to help you get your finances back on track.
Hence, it is important to act fast and get immediate help before falling behind on repayments. It would be prudent that you assess your financial health and manage your liabilities. You should speak to your creditors and agree a repayment solution.
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How to effectively manage your debt?
- Pay on or before due date
- Allocating fixed amount from monthly income against debt repayment.
- It is always advisable to prepay your liability if you receive extra fund like bonus, allowances etc.
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Contact us
If you are unable to keep your payments up to date, you should contact us as soon as possible as we may be able to help you. You can contact us at retailbanking@bankofbaroda-uae.ae indicating your Customer Information File (CIF) with details of your query and one of our Credit Counselors will get in touch with you on the registered contact details.
You can visit, at one of our branches, as per your convenience during business hours