You are legally obligated to all Lenders who have funded you to repay all due EMIs on time. Delay in payment of due EMIs will attract a penalty chargeable to you. These charges are mentioned in the Loan Agreement you sign. Indicatively, ₹300 are chargeable for every month of delay and a minimum of ₹300 + taxes in processing fee with a maximum capped at 2%. Failure to pay may attract legal action by the Lender(s).
All delays and defaults if any are also reported regularly to all active Credit Bureaus in the country and will adversely impact your credit profile.