In short
When you cannot pay everything, decide on purpose. Do not just pay whoever calls loudest.
A simple order to think about
- Essentials first: food, rent, medicines, school fees.
- Secured loans (home, vehicle, gold, loan against property). Missing these can mean losing the asset.
- Loans with cheques or ECS mandates, because bounces can lead to legal notices.
- Credit cards and unsecured personal loans. These are serious too, but you may have more options to negotiate.
- Loan apps: check if they are registered. Report harassment, don't borrow more to repay.
Example: paisa kam hai, EMI zyada?
Example: say you have ₹40,000 left this month after rent and food. (These figures are made up, for illustration only.) You owe a home loan EMI of ₹22,000, a gold loan payment of ₹8,000 and card dues of ₹25,000.
- Pay the home loan EMI first: ₹22,000. Now ₹18,000 is left.
- Pay the gold loan next: ₹8,000. Now ₹10,000 is left.
- Pay ₹10,000 towards the cards. Tell the card issuer in writing that you can't pay the full amount.
This is a general guide, not a rule. Your situation may differ.
What to do next
- Write a one-page list: lender, dues, EMI, missed EMIs, security.
- Tell lenders early, in writing, if you will miss a payment.
- Ask about lower EMIs or restructuring before settlement.
- Never take a new high-cost loan to pay an old one.
Related: Settlement vs balance transfer vs consolidation · Debt support
Quick answer
When you can't pay every EMI, decide on purpose, not by who calls loudest. Cover essentials first, then secured loans where you could lose the asset, then loans with cheques or auto-debits that can bounce, then credit cards and unsecured loans. Tell each lender in writing early if you'll miss a payment.
Real situations
Example: say a loan app keeps calling your contacts while your home loan EMI is due. Protect the home loan, report the app's conduct, and don't borrow from another app to pay it. See loan app harassment.
Example: say your NACH for a personal loan is due on the 5th but salary comes on the 10th. Ask the lender in writing to move the date, before the debit bounces.
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Sources
Frequently Asked Questions
Which payments come first when I cannot pay everything?
Essentials first, then secured loans, then loans with cheques or ECS mandates, then credit cards and unsecured loans.
Should I take a new loan to pay an old one?
Never take a new high-cost loan to pay an old one.