Moratorium period is that period during which you don't have to pay any EMIs on your loan. This facility is provided by lenders to help you manage your finances better and ensure that you don't have too much of a financial burden immediately after taking a loan.
For example: If a person gets a moratorium period of 3 months on their home loan, then he/she will not have to pay any EMI for the first three months after getting the loan. The EMIs on the loan will start after 3 months.