Loan Moratorium

Loan Moratorium: If you are unable to pay EMI, then you can get extension from the bank

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Loan Moratorium:  people take loans for buying property, buying vehicles and other important works. After getting the loan, as soon as the money is received in the account, the EMI starts to repay the loan. Sometimes it also happens that it becomes difficult to pay the loan installment. If the customer does not pay the installment, then he has to pay a penalty. But in such a situation, some time extension can be sought from the bank to repay the installment through Loan Moratorium. Let us tell you what is loan moratorium.

What is Loan Moratorium

With the help of loan moratorium, you get some time to repay the loan. With the help of this facility, the borrower does not have to pay the installment for a short period of time. If the customer is facing any financial problems, then he gets relief to a great extent. Simply put, you can take a break of a few months from the EMI of the loan.

Moratorium does not give loan waiver

Through the moratorium, you can stop the loan installment only. This does not waive off the EMI amount. You also get concession in the interest charged on the loan. During the moratorium period, you are exempted from paying the EMI of the loan. In that period also you have to pay the interest on the loan.

what is the advantage

People understand that when interest has to be paid, then what is the benefit of loan moratorium. Let us tell you. If you normally miss paying the EMI, you have to pay a penalty along with interest. Skipping EMI also affects your CIBIL score. But the EMI of the loan is received from the bank through the loan moratorium. In this case, there is no effect on your credit score.

Who can apply

Who can apply for loan moratorium, this question remains in everyone’s mind. Any person who has taken a loan can apply for loan moratorium. You can take advantage of loan moratorium in bad times.

Difference between Secured Loan and Unsecured Loan

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