The RBI announced a six-month loan moratorium for borrowers whose financials were stressed. The loan moratorium scheme is just a deferment of your monthly instalments, and would add to your interest costs, apart from increasing the tenure of the loan.
The important aspect to look at is how the COVID-19 pandemic could impact your repayment ability and your credit score.
Applied for loan moratorium? Inform credit bureaus
Every time you miss an equated monthly instalment (EMI) or a credit card payment or even if you pay the minimum balance, your credit score gets impacted adversely. But if you’ve opted for a loan moratorium, ideally, your credit score should not get affected. But check for errors here.