In compliance with the Bayanihan to Heal as One Act and the extension of the ECQ until May 31, 2020, we will further grant a 30 day grace period for all Loan Accounts.
1. Who are qualified for the grace period on monthly amortizations due for Loan Payment?
- All loan clients/ accounts are qualified.
2. What type of loan products are covered by this grace period?
- All types of loans – Home, Auto, Personal, Corporate Loans.
3. What are the inclusive due dates covered by the 30-day grace period on amortizations due for payment?
- With the extension of the ECQ until May 31 and in accordance with the Bayanihan Act, loan payments for all types of loans with due dates within the ECQ period will get a 30 day grace period. The same grace period was applied earlier to all loans with due dates beginning March 16, 2020.
Payment of your loan will continue after the end of the ECQ. Loan maturity dates will be moved by 1 or 2 months depending on the number of monthly amortization which were granted a grace period for payment.
Within ECQ Loan Due Date: April 2, 2020
Next Payment Due Date: May 2, 2020
Original Maturity Date: May 2, 2023
New Loan Maturity Date: June 2, 2023
Within ECQ Loan Due Date: March 20, 2020
Next Payment Due Date: May 20, 2020
Original Maturity Date: August 20, 2022
New Loan Maturity Date: October 20, 2022
4. Will I have to pay double on my next due date (after extended ECQ until May 31)?
- You will only have to pay 1 monthly amortization on your next due date.
5. Is this only applicable for Metro Manila booked accounts?
- No. The grace period will cover all loan accounts even outside Metro Manila.
6. Do I need to submit any request document? Any loan amendment document?
- No need to submit any documents. We will take care of the adjustment in our system.
7. What will happen to PDC's covering due dates within the ECQ?
- We will hold the PDCs intended for the amortization dates covered by the grace period. Thereafter, we will deposit the PDCs dated for the amortization dates after the ECQ period.
Since the loan maturity will move, you are requested to issue additional check/s to cover the 1 or 2 months of the availed grace period. The additional check/s can be sent at any PBCOM branch after the ECQ period.
8. My mode of payment is via Auto-Debit Arrangement. Will you still debit my deposit account on my due date?
- Auto debiting of loan payment will be put on hold within the covered period. We will continue with the auto debiting of loan payment on your next due date after the grace period ending May 31, 2020. Please be informed that payment of your loan amount due will continue after the end of ECQ.
9. I want to settle my monthly amortization on my loan due dates and not be included in the grace period?
- You may settle your monthly due dates if you have funds now. Please inform us by sending an email to ECQLoanpayment@pbcom.com.ph
10. What if I already paid for my loan last March 16-17 (before the announcement), can I request for a refund?
- We suggest that your payment be applied to your next amortization date. Please send an email request at ECQLoanpayment@pbcom.com.ph
11. Can I request for more than the grace period given?
- We will follow the rules on the grace period for loan payments falling due during ECQ based from the Bayanihan We Heal as One Act.
For any further grace period you need beyond the ECQ period, you can email us with your request at ECQLoanpayment@pbcom.com.ph. We will help restructure your loan in order to manage your current financial situation.
12. My Loan account is already past due, can I still avail the grace period?
- The grace period will be granted to all loan accounts with amortization dates within the ECQ period.
13. Will there be an additional interest that will be charged on the availed payment holiday?
- Interest will be charged on the unpaid portion of the principal only where payment has been deferred due to the availment of payment holiday. No additional interest will be charged on the unpaid interest.
If you are qualified for the grace period and it was not applied to your loan account please send an email to ECQLoanpayment@pbcom.com.ph. We will be assisting you with the adjustment. Thank you.