FAQs Post ECQ
Published on June 23, 2020
Frequently Asked Questions
Concerns on existing Auto or Housing Loans after the Enhanced Community Quarantine (ECQ)
Starting June 1, 2020, regular payment collection thru auto-debit will resume on your scheduled due date.
Reminder: Standard fees for late or non-payment of loan amortizations shall apply from June onwards.
IF YOU AVAILED OF THE GRACE PERIOD:
I availed of the grace period for my loan during ECQ, what will happen to it once ECQ is over?
Starting June 1, 2020, payment for 1-month amortization will be collected thru auto-debit on your scheduled due date.
Since payment collection for your loan was suspended or postponed during the grace period, your loan term (maturity date) shall be extended by the number of months your payment due dates were suspended.
I read that interest was incurred during the grace period (otherwise known as “accrued interest”). What does this mean?
Consistent with the Bayanihan Act Implementing Rules, the unpaid loan principal during the grace period shall continue to earn interest. In the case of BPI Family Auto or Housing Loan, the accrued interest shall be collected on your scheduled due date/s after the grace period.
The usual amount of your monthly auto-debit will not change after the grace period, but shall first be applied as payment for the interest accrued. The application of payment on the principal loan balance shall begin once the accrued interest incurred over the grace period had been fully paid. Correspondingly, any remaining principal balance shall be collected at the end of your loan.
My loan payment was already debited on my scheduled due date after the grace period. Why is my loan’s outstanding balance in BPI Online unchanged / not updated?
After the grace period, your next amortization/s are applied as payment for the interest accrued during the grace period. As a result, your loan's outstanding balance and payment schedule have been adjusted. Please refer to the sample illustration above.
IF YOU REQUESTED FOR CANCELLATION OF THE GRACE PERIOD:
Will I still pay accrued interest if I requested for NO GRACE PERIOD?
There will be no change to your loan payment schedule (unless your loan is due for re-pricing) if you requested for NO GRACE PERIOD via SMS or Email before May 31, 2020. Please take note that the message should have been acknowledged/confirmed by us via SMS or Email.
I requested for NO GRACE PERIOD, but while waiting for confirmation, I continued paying for my loan over-the-counter or via BPI Online. What will happen to my loan?
If you have requested for NO GRACE PERIOD before May 31, 2020, any payments made over-the-counter or via BPI Online will be applied accordingly to your monthly amortizations during the grace period. On your next scheduled due date starting June 01, 2020, only one (1) month’s worth of amortization will be debited from your account, and your loan's maturity date will remain unchanged.
I requested for NO GRACE PERIOD and received confirmation, but no loan payments have been collected from my deposit account yet.
Due to the high volume of requests, we are experiencing some delays in our fulfillment process. Please be assured that all confirmed requests will be processed and no late payment penalties will be charged for delays in debiting payments for the covered due dates.
I already requested for NO GRACE PERIOD via SMS / E-mail but I still haven’t received any confirmation.
If you sent an SMS or Email on or before May 31, 2020 but have not received any confirmation or acknowledgment, you may need to resend your request. Please send a screenshot of your SMS or Email to [email protected] and we will review the validity of your request. Valid requests shall receive confirmation thru SMS or Email, and the corresponding amount of loan payments will be debited from your account within 5-7 banking days.
I requested for NO GRACE PERIOD and received confirmation. However, I continue to receive payment reminders / notification from BPI Family Savings Bank about the grace period.
If you already received a confirmation from the bank regarding the cancellation of the grace period, please disregard our system-generated reminder.
I was not informed about the Grace Period and did not know about the accrued interest.
SMS and Email Advisories were sent to clients regarding the Grace Period. Several announcements were also posted on the BPI Family Savings Bank website and official Facebook page.
I was not able to request for NO GRACE PERIOD within the given deadline. Can I still go back to my original payment schedule?
The mandatory grace period for loans and the period for requesting to opt out of it ended last May 31, 2020, as published in https://www.bpiloans.com/pages?page=advisory. If you did not make a request to opt-out within the said date, then the grace period and modified payment schedule have already been applied to your loan.
I did not send an SMS or Email request, but I continued paying for my loan over-the-counter or via BPI Online during the grace period. What will happen to my loan? Will my loan term and maturity change?
Your payment/s will be applied to your loan. If you paid all your scheduled monthly amortizations to your loan account on the scheduled due dates, then your loan term will not be extended and, thus, your loan maturity will not change.
I did not send an SMS or Email request, but I paid for my loan over-the-counter or via BPI Online in March/April then decided to avail of the grace period for my succeeding due dates in April/May. What will happen to my loan? Will my loan term and maturity change?
Your payment/s will be applied to your loan. For the due dates when you decided to avail of the grace period, corresponding accrued interest on the unpaid principal will have to be paid first in the next due date/s succeeding the expiry of the grace period. Your loan term shall likewise be extended equivalent to the availed grace period.