The Reserve Bank of India has permitted banks and other financial institutions to allow postponement of EMIs for 3 months starting from March 1,2020 to May 31,2020. The borrower would have to request the bank and show that his/her finances have been affected due to the coronavirus disruption to avail the EMI holiday. So unless you have specific approval from your bank, your EMIs will still be deducted from your bank account. The RBI has stated in its guidelines that lending institutions should frame board-approved policies for providing reliefs on loans and credit card dues to all eligible borrowers.   

The repayment of such loans will be shifted by 3 months after the moratorium/EMI holiday period. If you are granted relief from making your payments, your credit score will not be affected; however, if you don’t opt for the EMI holiday and fail to make your EMI payments, your credit score will get impacted. The EMI holiday is basically meant for people who are facing financial difficulties due to the present situation. Those who are able to make their EMI payments without facing any challenges can make their payments as per schedule.