Defaulting on a personal loan will almost certainly impact a person’s mental health and mental peace. If a person does not repay their loan on time, then they will start receiving numerous calls from their lender. Certain lenders often send bank personnel to the defaulter’s residential or commercial address to pressurise the person to repay their loan amount. In such cases, the overall impact on mental health can be devastating.

1. Know about the
repercussions of
Personal loan
default
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BY Herofincorp
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2. Increased
debt
The interest component will
accumulate over time.
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3. Your credit score will suffer,
reducing your borrowing
capacity.
Drop in
credit score
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4. Legal Repercussions
You may face imprisonment.
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5. Impacts
Personal life
It causes mental stress and
strained relationships.
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6. How to Avoid
Defaulting on a Loan?
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7. Opt For Debt
Consolidation
Combine high-interest loans and
repay them all at once.
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8. Never
Ignore your
lender
Your lender might send a legal
notice if you ignore their calls.
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9. Describe
Your
Financial
Situation
Request rescheduling by asking for
longer repayment terms.
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10. —Hero Fincorp
“Personal loan default has many
negative consequences. It is
preferable to communicate with
your lender to overcome this
situation.”

11. CREDITS: This presentation template was created by Slidesgo,
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Would Love to hear from you.
Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel : 18001024145
Email : customer.care@herofincorp.com
Website : https://www.herofincorp.com/
Know More : What are the Consequences of Defaulting on a
Personal Loan?
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