The reserve bank of India has notified the banks and NBFCs to allow 3 months EMI holiday with effect from 1st March 2020 till 31st May 2020. A moratorium period is basically an EMI holiday which basically means that your repayment cycle starts after a few months and you don’t have to pay anything till then. Banks generally offer a moratorium period of up to 1 year in case of home and education loans.