Guide on EastWest Bank Loans Grace Period Coverage
EASTWEST BANK LOANS – Here is a guide on the coverage of the 60-day grace period offer of EastWest Bank on loan dues.
Amid the COVID-19 crisis, the Bayanihan to Recover As One Act (BARO) or the Republic Act No. 11494 was passed to assist the different sectors of the government and private individuals.
In the case of private individuals, those who have existing loans may avail the mandated 60-day grace period on banks and lending companies. It is a one-time offer that covers loans and credit card payments.
EastWest Bank is one of the banks that comply with the new law. It has already released guidelines on the 60-day grace period.
Several people have personal, housing, and car loan accounts with EastWest Bank. In its guidelines, the bank has stated the qualifications in availing the moratorium.
According to the bank, the dues covered by the 60-day grace period are those payments falling between September 15, 2020 to December 31, 2020. It is a one-time and non-extendible moratorium on EastWest Bank loans.
Also, to qualify, the loan account must be updated or have no past dues. According to the bank, the clients with eligible accounts will be notified of the grace period offer through SMS.
In case you will avail the said 60-day grace period offer on EastWest Bank loans, your loan term will be adjusted by two months. You will have to pay a one-month loan due once the moratorium is over. Late payment fees and interest on interest will be waived.
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