Ideally, you need to pay at least the minimum due of the bill (5% of the total due). In case you fail to do so:

  • A report is sent to the credit bureau 7 days after your due date. This will result in a lowered credit score which can mean higher rates of interest on all credit products for you (in the future).

  • You will be charged 3% monthly interest (36% annually). In addition, a late payment fee of Rs.150 + GST is applied.

If you still fail to pay at least the minimum due amount for two months consecutively, we will withdraw your FD and settle the outstanding out of it. The remaining FD amount is credited back to you in your Niyo SBM savings account.