Guide on Accrued Interest on Maybank Loans Availing the Grace Period
MAYBANK LOANS – Here is a guide on the accrued interest on Maybank loan accounts that will avail the 60-day grace period.
The Republic Act No. 11494 or otherwise known as the Bayanihan To Recover As One Act (BARO) was approved. This new law mandates a loan grace period amid the COVID-19 pandemic.
A lot of people lost their job amid the crisis as many businesses were not able to withstand the demands of the pandemic. Thus, many firms had no choice but to close.
Some of the employees who lost their jobs amid the crisis have existing loans to pay. Meanwhile, clients who have qualified accounts may avail a 60-day loan grace period as mandated by Bayanihan 2.
Maybank is one of the banks in the Philippines that were quick to release an announcement about its compliance to Bayanihan 2. It stated the guidelines in availing the loan grace period.
According to the bank, all clients with current or updated loans meaning having no past dues as of September 15 may avail the grace period. It is a non-extendible grace period for loan due falling between September 15 to December 31.
Do you want to avail the said loan offer? You may visit – Maybank Loan Grace Period – Guide on Notifying Bank Online to Avail It.
However, clients who wanted to avail the said grace period must be aware that Maybank loans under it will have accrued interest. It is payable on the next due date.
The accrued interest is computed based on the outstanding balance of Maybank loans under the grace period. Accounts under the Auto-Debit Arrangement (ADA) who wanted to avail the moratorium must inform the bank.
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