News & Events

Customer Advisory on Bayanihan 2

Published on Oct. 5, 2020

Updated on Nov. 17, 2020

GRACE PERIOD FOR LOAN PAYMENTS UNDER BAYANIHAN-2

In line with the issuance of R.A. No. 11494 otherwise known as the "Bayanihan to Recover as One Act" last September 15, 2020, BPI Family Savings Bank is granting a one-time 60-day grace period.

Terms & Conditions

The 60-day grace period is open to all current BPI Family Auto Loan and Housing Loan accounts (i.e. not past due as of Sept. 15, 2020), with payment due dates falling from Sept. 15 to Dec. 31, 2020.
Eligible BPI Family Auto/Housing loan clients who want to avail of the 60-day grace period MUST notify the bank thru the prescribed channel, and is given until Nov. 15, 2020 to do so.

If there is NO request or confirmation to avail on or before Nov. 15, 2020, then the regular payment collections shall remain in effect and the corresponding auto-debit schedule shall proceed.

During the 60-day grace period, payment collections for the Auto or Housing Loan will be suspended. No late penalty fees or interest-on-interest will be charged, while the unpaid loan principal shall continue to accrue interest.
After the 60-day grace period, payment collections (through auto-debit) will resume. The amount to be collected is equivalent to a 1-month amortization only, which already includes the accrued interest, or a portion thereof, from the unpaid months.
The maturity date of the loan shall correspondingly be extended by a period of 60 days.

How to Avail of the Grace Period

BPI Family Auto/Housing clients may submit their intent to avail of the 60-day grace period through our Bayanihan-2 60-day Grace Period Confirmation Form. After Nov. 15, 2020, the Bayanhihan-2 Confirmation Form shall be deactivated, and shall no longer be able to accept requests to avail of the 60-day grace period.

1) Fill out our Bayanihan-2 Confirmation Form and provide all the requested information.

2) In the last field, please choose the monthly due dates when the payment grace period will be applied: (1) SEPT-OCT, (2) OCT-NOV, or (3) NOV-DEC.

EXAMPLE

Client's Due Date : 21st of the month
Chosen Period : OCT-NOV
Due Dates to be Suspended : October 21, 2020 and November 21, 2020
Next Payment (Auto-Debit) Date : December 21, 2020

3) After clicking SUBMIT, you will immediately receive an auto-generated e-mail from [email protected] This contains your agreement to the Terms & Conditions of the 60-day grace period.

4) All submitted requests will undergo verification. Afterwards, an SMS will be sent to your declared mobile number and will serve as your official confirmation that the 60-day grace period shall be applied to your loan account.

5) Once the 60-day grace period ends, payment collection will resume on your next scheduled due date. The amount to be collected is equivalent only to 1-month amortization, which already includes the accrued interest, or a portion thereof, from the unpaid months.

6) The maturity date of your loan shall be extended by the corresponding number of months that your payment due date/s had been suspended.

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FREQUENTLY ASKED QUESTIONS

WHO CAN AVAIL

Who can avail of the 60-day grace period provided under Bayanihan-2?

The one-time grant of a 60-day grace period prescribed under the Bayanihan-2 is applicable to all BPI Family Auto/Housing Loan accounts, with payment due dates falling from Sept. 15 to Dec. 31, 2020, that are in current status (not past due) as of September 15, 2020.

Do I need to submit documents to avail of the one-time 60-day grace period?

No, there is no need to submit any document. You only need to confirm your intent to avail of the 60-day grace period through this link.

After Nov. 15, 2020, this link shall be deactivated and shall no longer be able to accept Bayanihan-2 requests.

Why do I need to confirm my intent to avail of the 60-day grace period?

To ensure your understanding of and consent to the terms and conditions, as well as the correct application of your desired effectivity date, you need to confirm your intent to avail of the 60-day grace period before any adjustments are done on your loan account. Availing of the 60-day grace period will result in an extension of your loan maturity date, and collection of accrued interest.

You may also view the details of the Implementing Rules and Regulations of the Bayanihan to Recover as One Act here

Can I still avail of the 60-day grace period if my payment due date has already lapsed or taken effect?

For payment due dates falling within the period from Sept. 15 to Oct. 5, 2020 (which already lapsed or took effect as of this writing):

YOU MUST SUBMIT your intent to avail of the 60-day grace period through our Bayanihan-2 Confirmation Form.

If your account remained unfunded or unpaid for due dates Sept. 15 to Oct. 5, we will only apply the 60-day grace period after we have received your request through the Bayanihan-2 Confirmation Form. You have until Oct. 15, 2020 to submit your request. Otherwise, your account will be treated as past due and late payment charges will be applied.
If payment had already been made for due dates Sept. 15 to Oct. 5, and you sent us a request to avail of the SEPT-OCT grace period, we will apply the 60-day grace period on the next applicable months.

My Auto / Housing Loan was past due before Bayanihan-2 was implemented. Can I still avail of the 60-day grace period?

No. Only loan accounts that are in current status (i.e. not past due) as of Sept. 15, 2020 are eligible for the 60-day grace period.

I already availed of the grace period under Bayanihan-1 (Bayanihan-to-Heal-as-One-Act). Am I still allowed to avail of the 60-day grace period under Bayanihan-2?

Yes, you are still allowed to avail of the one-time 60-day grace period as long as you meet the conditions stated above.

Until when can I submit my request to avail of the Bayanihan-2 60-day grace period?

Please submit your request through our Bayanihan-2 Confirmation Form on or before Nov. 15, 2020.

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WHAT WILL HAPPEN TO MY LOAN

Are you charging additional interest on my loan if I avail of the 60-day grace period?

Despite the suspension of your payment due dates, your unpaid loan principal continues to accumulate accrued interest, as recognized in the Bayanihan to Recover as One Act. The interest amount (on the unpaid loan principal) accrued during the 60-day grace period will be carried over to your succeeding due date/s. To know more about interest accrual, please watch our instructional video here.

How much is the accrued interest resulting from the grace period?

The amount of accrued interest on the unpaid loan principal will vary depending on your Auto / Housing Loan, based on this computation:

Accrued Interest = Your Total Outstanding Loan Balance X Interest Rate X 60/366 Days

What will happen to my Auto / Housing Loan as a result of the 60-day grace period?

1) After the grace period, your next amortization/s shall be applied as payment for the interest accrued during the grace period. So as not to increase the amount of your regular monthly amortization, the monthly distribution of your loan principal and interest will be adjusted accordingly.

The example below illustrates the impact of the 60-day grace period to your loan:

ORIGINAL LOAN DETAILS (SAMPLE)

LOAN ACCOUNT AFTER AVAILING BAYANIHAN-2 GRACE PERIOD

2)The duration of your loan shall be extended corresponding to the number of months that your payment due dates had been suspended. Thus, if you availed of the grace period (whether Bayanihan 1 or 2), your loan will have a new end date (maturity date).

For Auto Loans and Housing Loans not due for re-pricing, any unpaid principal amount resulting from the grace period shall be settled at the end of your loan and will be collected together with your last monthly amortization.

For Housing Loans that are due for re-pricing, after your fixed-rate period, the adjusted loan principal and new interest rate shall be the basis for your next amortization schedule.

What will happen to my insurance payables that are being debited together with the loan?

GFSP / MRI (Housing Loan)

If you have availed of the 60-day grace period, deduction for MRI payments shall be suspended on the affected due dates, and shall automatically resume together with your loan amortization.

Comprehensive Motor Insurance (Auto Loan)

If you have availed of the 60-day grace period and have a BPI/MS insurance premium that is payable on the chosen dates, the amount due will not be billed and shall only be collected on the next due date following the grace period.

For questions regarding Bayanihan 1 (R.A. No. 11469 otherwise known as the "Bayanihan to Heal as One Act"), you may view the details here