Advisory for BPI Clients on Loan Payment Grace Period Interest
BPI CLIENTS – The clients of the Bank of the Philippine Islands who will avail the loan payment grace period may be charged with an interest.
In line with the COVID-19 outbreak in the Philippines, the entire Luzon and most parts of Visayas and Mindanao were placed under an Enhanced Community Quarantine (ECQ). A lot of businesses temporarily suspended their operation and many lost their income.
It was just starting this May 1 when areas considered as low and medium risked were placed under General Community Quarantine. Several parts of the country are still under an ECQ now.
The “Bayanihan To Heal As One Act” was lodged in line with the fight against COVID-19. Under it, several companies suspended payment collection in acknowledgment of the crisis that the people are going through.
One of the banks that implemented a grace period on their loans is the Bank of the Philippines Islands. Recently, BPI released an advisory regarding the said grace period on loans.
Based on the updated advisory of the bank, BPI clients who have auto or housing loans with the bank and wanted to avail the grace period may be charged with an interest. The grace period covers loan dues between March 17, 2020 to May 15, 2020.
If you will avail the grace period to defer your payment, the next payment collection will be on your next due date based on your loan term. According to the bank, they will be charging an interest on the unpaid portion of your loan but no additional penalty will be implemented on the unpaid interest. The bank has not stated the amount or the interest rate to be implemented on deferred loan payment.
Also, the bank stated in its new advisory that the auto-debit arrangement for loan dues between April 2 until May 15, 2020 is suspended. BPI clients who wanted to pay for their monthly due still must reach out with the Loan Customer Care Unit.
Via SMS
- Text LOANS-CS [space] NO GRACE PERIOD [space] Full Name [space] Loan Account Number [space] Birthdate and send to 0917-8910000
Via EMAIL
- Use NO GRACE PERIOD_Loan Account Number as the email subject, provide your Full Name and Birthdate in the email content, and send to [email protected]
According to BPI, despite that the collection of payment is suspended, the unpaid principal of the loan will continue to earn interest. If your deferred payment is for April 12, your payment will be moved to May 12.
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