If you failed to make the payment with in due date registry will provide you the grace period (Grace period may get vary depend upon registry).You can make use of this Grace Period and done the renewal soon.
Further if you failed to make the payment in grace period too. Then your domain name go for Redemption. Then no one can able to use your domain for 78 days (Redemption period).If you need to renew your domain during redemption period your need to pay Rs.3500 for registry. Then you can use your domain normally.