EMI holiday definition
EMI holiday means a particular month each year during the tenor of the Personal Loan as may be opted by the Borrower for which no EMI is payable by the Borrower and by reason whereof there is increase in Personal Loan tenor subject to certain conditions such as good repayment record or such other conditions as may be determined by the Bank in its sole discretion.
Examples of EMI holiday in a sentence
The Borrower who has opted for an EMI holiday as specified in the Schedule is aware that the same is subject to the discretion of the Bank and its rules in that behalf from time to time.
Proposed date when first installment is due EMI holiday The Interest Rate shall be linked to the TBLR, which is determined by adding Government of India 3 – Months Treasury ▇▇▇▇ yield to a markup.