Due to the hardships being faced by people because of the Coronavirus situation, the Reserve Bank of India has allowed banks and other financial institutions to provide a 3-month EMI holiday, starting from March 1, 2020 till May 31, 2020. However, you should remember that EMI holiday accrues simple interest on outstanding amounts which needs to be paid additionally. Term loans include all kinds of retail loans such as personal loans, home loans, vehicle loans, education loans, agricultural term loans as well as crop loans.
RBI has clarified that payments on loans availed against credit card limit and credit card dues can also be deferred by 3 months. You would have to contact your lender regarding the additional interest that you would have to pay. If you choose the EMI holiday and not make the payments during this period, it will not affect your credit score; however, if you have not opted for a moratorium and refrain from repaying, it can impact your credit history.