New Delhi, Sept. 9 -- Losing a job can have serious financial consequences, putting immediate pressure on household finances and day-to-day spending. This pressure intensifies when borrowers must continue to meet fixed monthly commitments such as car or personal loan EMIs.

Furthermore, it is a given that missing an EMI on a pending loan repayment can adversely affect your overall credit profile and credit score. Experts advise borrowers not to wait for a loan default before taking action.

This calls for taking meaningful steps, such as analysing available savings, checking insurance coverage, and directly reaching out to lenders early, to manage the situation amicably and seek a resolution, such as a loan modification or restructuring, ...