EMI Holiday does not mean waiver of repayment, but it is deferment of payment.The interest will continue to accrue on your EMIs during this 3 month period and will get added to your outstanding amount. This will also increase your financial burden when you start paying your EMIs from June. If you are getting your salary on time or have enough cash in hand, it’s better to pay your EMIs regularly.
This EMI holiday was mainly introduced to benefit people who wouldn’t have a regular cash flow during the lockdown. This would definitely help daily wage workers and salaried individuals who might not be able to make payments due to pay cuts or layoffs. Also, if you have already made payments for the month of March, you will only benefit for two months. So you can accordingly decide whether you want to take up the EMI holiday or not. Your credit score will not be affected if you plan to take the EMI holiday. However, if you have not opted for the moratorium and forget to make the payments, it will impact your credit score.