One good thing about an education loan is that you do not need to start repayment of the loan from the first day of you finishing your education since it may take a few weeks or a couple of months for you to find a job. Moratorium period is the time period the bank offers the student to find a job and start working before starting the loan repayment. The time period between finishing your education and starting of loan repayment is a good time to save money and build a financial corpus.
The Moratorium or waiver period varies from bank to bank and you are better off checking with your bank about the waiver period before planning your education loan repayment. While a bank offering a waiver period is a good idea but since banks are expected to earn of each loan they offer, they start charging the interest on education loans immediately and not wait till the waiver period ends.