Whether it is repayment for a personal loan or your credit card, you will be charged late payment fees and other finance fees. The Late Charges is 1% per annum on the amount in arrears calculated from the overdue date till date of full monthly repayment.
As for personal loans and home loans, banks have the right to increase your interest rate if you have been missing your repayments. Not all banks impose such practices, but most do, so paying all of your loans on time is the safest and better option.
If you have been making late payments for your loans, you jeopardise your access to financial options in the future because it will affect your credit score. Your poor repayment pattern will be reflected in your credit score, and your credit score is important because financial institutions and even some landlords will have a look at it.
The credit score is used by banks to determine whether or not to approve your loan application, and also how much interest you will be charged. If you have a bad credit score, you may be charged a high-interest rate or worse, your application will be rejected.
If you have problems meeting your monthly repayment amounts, contact your bank to discuss financing options.