What happens when you default in repayment of your loans?

Whenever a person defaults in regards to paying their loans back, then in such kind of scenario, the borrower of money is usually charged interest. This is why I really hate interest and I never borrow money at all. Interest can get accumulated and increase your debts. This also leads to bankruptcy.

Till now I haven't defaulted in payments but we need to do well to not to default as it will attract unwanted penalty for us