A moratorium is a period during which the borrower does not have to repay anything (principal or interest). Here it’s a 3-month moratorium.
This is for term loans inclusive of home loans, personal loans, education loans, auto loans (car and two-wheeler loans), loans taken for purchasing Fridge, AC, mobile phone, etc and any loan that has a fixed tenure. If your lender agrees, you don’t have to pay EMI for three months.