Details of the EMI moratorium offered by Shiksha Finance
A moratorium is a ’postponement’ or temporary deferral for payment of the EMIs for a specified period. For example, in case the EMI falls due on April 07, 2020, and the lender has granted a moratorium till 31st May 2020, then the revised due date for repayment shall be June 7, 2020.
RBI permitted NBFCs to extend the moratorium for a further period of three months on payment of instalments falling due between 1st June 2020 to 31st August 2020 vide circular DOR.No.BP.BC.71/21.04.048/2019-20 dated May 23,2020.
For example, if the EMI date is falling on 7th June 2020 and the lender has granted a moratorium till 31st August 2020, the revised due date for repayment shall be on 7th September 2020.