A deferred personal loan is a loan agreed upon by a financial institution and a borrower, where the borrower gets a specific number of months of not paying the equated monthly installment (EMI) after getting the loan money. It means that the borrower can start paying for the monthly installments at a much later date per both parties’ agreement. A deferred personal loan is very favorable to borrowers as they can take time to find jobs or other sources of income, before starting to pay for the loan.
One good example of a deferred personal loan is a student loan. College, Master’s, and Ph.D. students in the U.S.A. are able to borrow money from private lenders or federal government to finance their studies, then pay them back at least 6 months after graduation.
Note: This is not a legal advice.
For immigrants and non-immigrants in the U.S.A. like F-1, O-1, TN, L-1, and J-1 visa holders, STILT can help you get the personal loan that you need with limited or zero credit history. Contact STILT now for personal loans with the lowest interest rates. No collateral needed.
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