This EMI moratorium was mainly introduced to benefit people who wouldn’t have a regular cash flow during the covid-19 crisis. This 6 month moratorium would definitely help daily wage workers and salaried individuals who might not be able to make their EMI payments due to pay cuts or layoffs. You can accordingly decide whether you want to take up the EMI holiday or not, according to your financial situation. 

During the moratorium period, the interest rate will continue to accrue and you would have to start paying the amounts once it is over. Your credit score will not be affected if you plan to take the EMI moratorium. However, if you have not opted for the moratorium and forget to make the payments, it will impact your credit score. It is advised to take the moratorium only if you are not able to manage your finances.