PNB may levy a penalty fee if the payment is not made by the due date. The fee amount depends on the outstanding balance and PNB’s fee structure. Unpaid dues attract high-interest rates (APR), which keep accumulating daily until the payment is made. Interest may also be charged on new transactions if the previous balance is not cleared in full. Missing payments can negatively affect your CIBIL score, making it harder to get loans or credit in the future. If you miss a payment, future transactions may not have the usual interest-free period, and interest starts accruing from the transaction date. Continuous non-payment may lead to reminders, collection calls, or legal action from the bank. PNB may temporarily block the credit card or reduce the credit limit if payments are missed multiple times.
- Late Payment Fee: Depending on the amount owed, a penalty charge is applied.
- Interest Charges – The outstanding balance is subject to high-interest rates (up to 3-4% each month).
- Missed payments can decrease your credit score, which might impact future loan and credit approvals. This has a negative impact on your CIBIL score.
- Loss of Interest-Free Period – New transactions will accrue interest from day one if the entire amount owed is not paid.
- Possible Credit Limit Reduction: If you miss payments frequently, the bank may reduce your credit limit.
- Legal Action (for Repeated Defaults) - The bank may start legal proceedings if payments are unpaid for a long time.