The current coronavirus pandemic, specifically known as the COVID-19, has stricken the country in several angles – politically, economically, and most importantly, health. As of April 1, 2020, there are 2,311 cases tallied in the Philippines by the Department of Health, with 96 deaths and 50 recoveries.
Depending on the nature of their businesses, companies experience a freeze on their cashflow, and so are their employees who may not have the option to work at home. The country is indeed in a rut, and we’re expecting for the COVID-19 cases to rise as more testing kits get employed.
As such, everyone is requested to stay home and limit transactions outside the house. This includes shopping for essential grocery items like food, which is now limited to only one person at a time. Enhanced Community Quarantine, as our government calls it, is in place and we all know that it’s for our own good.
There’s a good chance that you’re reading this article in the comfort of your homes right now, stocked up with food for the next few weeks. However, whenever you want to savor your privilege in these hard times, always remember that there will always be someone out there who aren’t as fortunate as you are.
Financial institutions understand these hardships, as well, and frankly, it’s a delight to see private companies that are stepping up – either to help with the COVID-19 relief efforts or by providing leniency to their customers. Automotive companies have been employing the same for their patrons and to that, we raise our proverbial glasses.
Now, if you’re among those who have a current car loan from a bank, worry not. Banks have shown leniency in this time of crisis, and here’s a list of banks that have either extended loan payment due dates, or deferred penalties and late charges.
AUB (Asia United Bank)
- 30-day grace period for Loan Clients: Housing, Motor Vehicle, Personal, Salary and Seafarers Loans
- Credit cardholders will likewise have the same privilege.
BDO (Banco De Oro)
- 60-day payment extension for qualified Credit Card, Auto, Home, SME, and Personal Loan customers with due dates of up to April 15, 2020
BPI (Bank of Philippine Islands)
- 30-day grace period for qualified credit card, personal, home, auto, and BanKo NegosyoKo loan clients
China Bank Savings
- No late fees and no penalty charges for customers in good credit standing of auto, housing, salary, and personal loans with monthly amortization payments due March 17 to April 17, 2020
- Payment due dates for auto, personal, mortgage and EEL loans, and credit cards shall be extended by 30 days for eligible customers
LDB (Luzon Development Bank)
- 30-day payment grace period for all consumer loans with good credit standing.
- Covers amortization due dates falling between March 15 and April 15, 2020
- 30-day extension period for auto/car loan, mortgage/home loan, personal loan and salary loan, and credit card to qualified clients
- Car Loan and Home Loan clients, with payment due date from March 16 to April 15, 2020, are qualified for a 30-day grace period
- 30-day grace period on loan payments will be extended to its qualified Auto, Home, and Personal Loan clients
- Maturity dates will be moved further by one month.
- Auto, Home, Personal, and Salary Loans with due dates within March 15 to April 15 can delay payments by 30 days from original due date
- 30-day grace period for Housing Loan, Auto Loan, Personal Loan, Motorcycle Loan, and Credit Card payments due from March 16 to April 15, 2020, for customers with good credit standing
Extension of payment dues for all customers with a Credit Card, Home Loan, Personal Loan, Auto Loan, Business Mortgage Loan, or Business Express Loan whose:
- Payment status is current (with no past due balance) as of March 16, 2020
- Payment due date is between March 16 to April 14, 2020
- Due dates extended for another 30 days for UPCB DrivEasy Auto Loan, HomEasy Home Loan, SalarEasy Personal Loan, or BizEasy Business Loan with due dates from March 19 to April 18, 2020
- Auto Loan, Real Estate Loan, and Cash Loan get 30-day extension in their loan payment due dates
- 30-day payment extension for auto and home loans with due dates falling on March 17 – April 15, 2020
- for active and non-past due accounts
Don’t forget to call your loan provider to inquire about the extension and your qualification as a customer. More often than not, these financial institutions will understand the situation at hand.