BANKS and financial institutions are providing grace period for loan payments amid the enhanced community quarantine in Luzon due to coronavirus disease 2019 (Covid-19) pandemic.
In separate statements, bank and lending firms said they were extending the payment deadlines for their customers to lessen the burden brought about by the Luzon-wide lock down.
Philippine Savings Bank
said that a 30-day grace period will be given to qualified Auto, Home and
Personal Loan clients. They will be given notification via email
regarding this.
“Amid the challenges we are all facing with Covid-19…. We are providing assistance to our valued customers as we believe that health and safety should be the focus of everyone during these trying times,” it said.
“Thank you for your continued trust and confidence,” the bank added.
BDO Unibank Inc., meanwhile, said it was providing 60-day payment extension for qualified Credit Card, Auto, Home, SME and Personal Loan customers. These covers transactions with due date of up to April 15.
“We understand that the current situation makes it difficult, even impossible, for everyone to make their payments. We don’t want you to worry about this,” it said.
Security Bank Corp. also gave 30-day extension to all its customers having Credit Card, Home Loan, Personal Loan, Auto Loan, Business Mortgage Loan or Business Express Loan with current payment status as of March 16.
The bank also waived all withdrawal fees nationwide until further notice.
Earlier, Rizal Commercial Banking Corp. announced that qualified Auto, Home, Personal and Salary Loan clients with due dates within March 15 to April 15 are given 30-day grace period. “You may still choose to settle your amortizations on your original due dates,” the bank said.
Installment payment, cash in ATMs
Financial technology firm First Digital Finance Corp. (FDFC) also extended installment payment dues for the customers availing themselves of loans through its virtual credit app BillEase. This covers qualified customers with installment dues from March 17 to April 12.
“The past few days have been challenging and our entire team has been working from home to ensure we are healthy and ready to support customers,” FDFC chief executive officer Georg Steiger said.
The Bankers Association of the Philippines (BAP), meanwhile, assured the public that banks will always make cash available through automated teller machines and digital platforms for payments of goods and services.
“In our efforts to support the local economy, the National Government and the banking public in the fight against Covid-19, the banking community and their people are in the front lines to help ensure the delivery of banking services,” BAP Managing Director Benjamin Castillo.
“To further alleviate the plight of our businesses and their workers, banks are also extending flexible arrangements to borrowers who need critical support during these extraordinary times,” he added.
Image credits: Bernard Testa
2 comments
Sir in these crisis of COVID 19
All banks are mandated to symphatise the government in favor to its SMS and borrower are they? I mean the borrower has excemption to pay for this month given period.?
They will extend the payment deadlines but will charge you with late payment interest. I was charged P850 for not paying my credit card for only 7 days delayed.