Updated as of May 1, 2020
To all our front liners in healthcare and the military and police forces, we applaud your sacrifice, hard work, and dedication in serving our countrymen during this time of crisis.
With our wholehearted gratitude, we, in BPI Family Savings Bank offer you INTEREST-FREE arrangements for your existing Auto or Housing Loan for 90 days and a 90-day grace period on your loan payment.
Consistent with the IRR of Section 4(aa) of R.A. No. 11469, otherwise known as the "Bayanihan to Heal as One Act", the collection of all scheduled loan amortization payments of Auto and Housing Loan clients falling due within the Enhanced Community Quarantine (ECQ) Period from March 17, 2020 to May 31, 2020 will be granted a mandatory grace period. In the case of clients availing of our Frontliner Assistance Program, the mandatory grace period granted under the Bayanihan Act is already subsumed within the 90-day grace period offered by our Frontliner Assistance Program, if availed by the front liner.
Assistance Program for Auto and Housing Loan Clients who are ON-FRONTLINE-DUTY
Terms and Conditions:
1. The program is open to current Auto and Housing Loan clients who are in good credit standing as of March 13, 2020 and are members of the workforce directly confronting the COVID-19 situation, specifically:
- Hospital workers
- Military personnel
- Police officers
2. To avail of the benefits of the Frontliner Assistance Program, the client is required to specifically opt-in by informing our Loans Customer Care Department through any of these prescribed channels by April 30, 2020:
- E-MAIL : Type ASSISTANCE PROGRAM in the email subject and send to firstname.lastname@example.org
- CALL : Call us at 889-10000, option 4-4-0
3. The following program benefits will be granted to qualified clients who successfully opted-in to the Frontliner Assistance Program:
- INTEREST-FREE arrangement for 90 days. Ninety (90) days' worth of interest fees on client's existing Auto or Housing Loan shall be waived. Only the monthly principal amount will be collected via auto-debit during the amortization due date.
- 90-DAY grace period. If the client is unable to meet the payment due date (i.e. unsuccessful auto-debit) within the 90-day grace period, no penalty fee shall be charged. Interest fees shall also be waived for the duration of the grace period which is 90 calendar days, starting from the original payment due date. Any unpaid amortization will be collected on the next due date after the lapse of the 90-day grace period.
4. In line with the Bayanihan Act, a mandatory grace period shall be granted for payments falling due within the ECQ period. For more information on this, please refer to https://www.bpiloans.com/pages?page=advisory.
To ensure alignment with the Bayanihan Act, the following guidelines shall apply to qualified clients who will avail of the Frontliner Assistance Program:
- For amortization due dates from April 2 to May 31, 2020, the auto-debit payment arrangement shall be automatically suspended.
- For the 90-day interest-free period, only the monthly principal amount will be collected via auto-debit during the amortization due date/s not covered by the ECQ.
- The original maturity date of the loan shall be extended corresponding to the grace period granted under the Bayanihan Act.
- Any unpaid amortization falling on due dates within the 90-day grace period of the Frontliner Assistance Program but beyond the Bayanihan Act, will be collected on the next due date immediately following the lapse of the 90-day grace period.
5. For validation purposes, qualified clients need to submit a copy of his or her PRC ID and Hospital / AFP / PNP ID.