There is always fine print when regulators make statements. When the Reserve Bank of India (RBI) announced a moratorium on loan repayments (home, car, personal, credit cards), there was a widespread belief that these were waived and people won’t have to pay three months’ worth of their EMIs. This is wrong on two counts. One, the moratorium is for three months starting 1 March and ending 31 May 2020. The announcement came on 27 March, by when most EMIs for the month are already paid, so in effect the grace period is technically just two months. Two, RBI has not given a waiver or a concession on our loans, but a moratorium. It is that period of time when a borrower is not required to pay his dues, but it does not mean that there’s a waiver of a loan. It is a good idea not to take this largesse if you are not strapped for cash, because the interest will get added to your loan outstanding and you will end up paying more.