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Monday 25 May 2020

What is EMI moratorium

EMI moratorium

What is a moratorium period?

A moratorium period is basically a length of time during which you enjoy a holiday from your loan EMIs. This means that you do not have to start repaying your loan as soon as your loan gets disbursed to you. Instead you can avail an EMI holiday and begin paying EMIs after a break. This facility helps you plan your finances better, such that you get acquainted with the lengthy obligation of a loan in a more organised manner.

What are the benefits of a moratorium period?

Having a moratorium period of your loan gives you ample time to plan your finances. During this time, you can plan your income and expenditure to take your loan EMIs into consideration. You can use the time to pay for other home-related expenses or simply to save money for your subsequent EMIs. Additionally, a moratorium period benefits you by providing you enough time to switch jobs or fund the immediate expenses you incur after shifting into your new home.

Now that you know about a moratorium period, Any queries feel free to write...

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