With the extension of the ECQ from April 13 to 30, 2020 and in accordance with the “Bayanihan To Heal As One” law, we continue to provide valuable assistance to all our loan customers during these difficult times. Loan repayments for all loan types with due dates within the new ECQ dates will additionally benefit from a 30-day grace period. The same loan repayment moratorium was granted earlier on loan maturities starting March 15, 2020.
Frequently Asked Questions:
1. Who am / Am I eligible for the grace period on amortization due?
All loan customers/accounts are qualified.
2. What types of loan products are covered by this grace period?
All types of loans – Home, Auto, Flexi & Multi-Purpose Personal Loans, SME, Corporate, Caution-Collateral
3. What are the fixed installments covered by the 30-day grace period on the amortization due?
With the extension of the ECQ from April 13 to 30, 2020, repayments of all types of loans with maturities within the new ECQ dates will additionally benefit from a 30-day grace period. The same loan payment moratorium was granted earlier on loan maturities beginning March 15, 2020. Any payments due falling within the covered dates may not be paid. Payment of your loan(s) will continue after the end of the ECQ. The due date of your loan will be brought forward by 1 or 2 months depending on the number of amortizations that have benefited from a grace period for payment. April 15 and 30, 2020.To illustrate –
For Auto, Home, SME, Corporate and DCL:
Initial Payment Due Date: March 17, 2020
Adjusted/New due date: May 17, 2020 Initial Payment Due Date: April 12, 2020
Adjusted/New due date: May 12, 2020For Flexi/Personal loan:
Original SOA deadline: March 15, 2020
Adjusted Deadline/New SOA: May 15, 2020 Original SOA deadline: April 10, 2020
Adjusted Deadline/New SOA: May 10, 2020
4. Does this mean I have to double my amortization on my next due date (after the ECQ extension ending April 30, 2020)?
No. You WILL NOT DOUBLE PAY on subsequent Due Dates after the Covered Period. “HINDI ka namin sisingilin ng DOBLE ng regular na amortization month matapos ang April 30 if you just named the loan repayment term (ECQ coverage). “The maturity date of your loan will be further delayed by 1 or 2 months depending on the number of amortizations that have benefited from a grace period. Example :
Deadline: every 16th of the month
Number of payments covered by the grace period: 2 (March 16 and April 16)
Current/original due date: April 1, 2021
New due date: June 1, 2021*
*You may need to submit another check or adjust your automatic debit agreement to cover the May 1 and June 2021 due dates. You can prepay if you want to shorten the total term of the loan.
5. Does this only apply to reserved Metro Manila accounts?
No. The grace period will cover all loan accounts reserved nationwide.
6. Do I need to sign anything? A loan modification document?
No need to sign any documents. An adjustment will be made in our system. No need to sign amendment documents.
7. What will happen to my post-dated check for my current due date(s) (within the Covered Period)? Do you hold the check?
Yes, we will automatically hold the post-dated check if your due date falls within the dates covered by the grace period. You do not need to request a check deferral. You may need to issue another check(s) to cover the month(s) due to the adjusted loan maturity date.
8. My loan will mature within one year. Do I still have to submit another check?
Yes, if the remaining term of your loan is 6 months or more. For those with less than 6 months remaining, the Bank has the option to apply your hold check to your latest adjusted due date, provided the check has not yet expired. You will receive an SMS notification about this.
9. My method of payment is via automatic debit arrangement. Will you still debit my deposit account on my due date?
We will automatically hold the debit of the Loan Payment for the Covered Period. Debiting of the loan due will resume on your next due date after the covered period for the grace period ending April 30, 2020. ECQ.
10. What if I want to be excluded from the grace period? I now have funds to pay my loan due.
For over-the-counter (OTC) payments, you can go to any branch to pay your loan due. You also have the option of paying online, via the PSBank Mobile app or via an ATM. For those whose payment method is via automatic debit arrangement (ADA) or post-dated check (PDC), you can call our hotline CX (02) 8845-8888 or email us at [email protected] com.ph to request a manual debit or view of your check payment.
11. What happens if I have already paid my loan from March 15 to 17 (before the announcement), can I request a refund?
Your payment has been posted to your loan account. For now, there will be no refunds.
12. Can I request more than the granted grace period?
No. For now, we will follow the rules for granting a grace period for loan repayments falling due during the ECQ. Note that when loan payments resume after April 30, 2020, you will not pay double your regular amortization in a month. Your due date will only be extended accordingly.
Note: If you are eligible for grace period assistance and the corresponding adjustment has not been applied to your loan, please call us on the CX 24/7 helpline number (02) 8845-8888 . We would be happy to process the adjustment. Thanks!
Contact PS Bank:
24/7 Customer Experience Helpline: (02) 8845 – 8888
Email: [email protected]
PSBank Live Chat: www.psbank.com.ph
ISSA Chatbot: Facebook.com/psbankofficial