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As there are people facing issues with paying their loan EMIs due to the coronavirus pandemic, the Reserve Bank of India has allowed banks and other financial institutions to provide a 6 month EMI holiday. The EMI holiday is included for all loans including home loan, credit card dues, personal loan, education loan,working capital loans, auto loans, etc. As this is just a postponement of EMI payments, interest will also not be waived off and will continue to be added on the outstanding amount.
So the borrower would have to pay off the additional interest by either increasing the amount for their instalments or increase the tenure. Deferment of payment will not result in a negative impact on your credit score. Each lender will have their own process of how to apply for the moratorium. You can go to your bank’s official website and check what the process is to avail for the moratorium.