BDO Loan Moratorium – Will Client Be Charged of Accrued Interest?

Guide in Availing the BDO Loan Moratorium Amid the COVID-19 Pandemic

BDO LOAN MORATORIUM – Here is a guide on whether or not a client who will avail the BDO Unibank grace period be charged of an accrued interest.

The national government passed the Republic Act No. 11494 or the Bayanihan To Recover As One Act amid the fight against the COVID-19 pandemic. It aims to help the different agencies down to the household levels cope with the demands of the pandemic.

A lot of people lost their jobs amid the national crisis. Many businesses were not able to withstand the demands of the pandemic – incurring only expenses for several months with no income.

Due to the bitter reality on the side of the economy now, a lot of businesses closed. This further resulted to many people losing their jobs. Sadly, for some people who lost their jobs, they employment salary is their only source of income.

Some of these individuals who lost their jobs are breadwinners of their families. A lot of them also have loans to pay.

Under the Bayanihan 2, a loan moratorium or grace period is made available. The payment for a loan or a credit card bill may be deferred for up to two months or 60 days.

The loan payments covered by the grace period are those that fall between September 15, 2020 up to December 31, 2020. If you want to avail it, you may visit – BDO Loan Grace Period – What To Do To Avail this Offer.

According to the bank, the BDO loan moratorium includes an accrued interest or the “interest that is due on the outstanding principal obligation but has not yet been paid by the borrower since the last loan payment made”.

Under the BDO loan moratorium, an accrued interest will be implemented. The client may pay for it in full or in staggered basis. With regard to the latter option, the client may pay until December 31, 2020.

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