RCBC Loans Under 60-Day Grace Period As Per Bayanihan 2

Bayanihan 2 Sets RCBC Loans Under 60-Day Grace Period Amid COVID-19 Crisis

RCBC LOANS – Amid the COVID-19 crisis, an existing loan to Rizal Commercial Banking Corporation (RCBC) is under a 60-day grace period as mandated by the Bayanihan 2.

A lot of people lost their source of income amid the COVID-19 crisis. Many businesses failed to cope with the having only expenses and no income for several months now. Unfortunately, some businesses even filed for bankruptcy.

The closure of businesses affect both the employers and the employees. Many people working in these businesses are breadwinners of their families. Some of them got loans to pay.

To help the people in coping and recovering from the impacts of the COVID-19 pandemic, Bayanihan 2 was passed and approved by President Rodrigo Roa Duterte. It includes the mandated loan moratorium.

Among the loans covered by the Bayanihan 2 orders are bank loans like the Rizal Commercial Banking Corporation or RCBC loans. These loans are under a 60-day grace period amid the COVID-19 pandemic.

Under the Bayanihan 2 or the Republic Act No. 11494, the mandatory one-time loan grace period covers existing, current and outstanding loans that fall on or before December 31, 2020.

With regard to individuals and entities with multiple RCBC loans, the 60-day grace period will apply to each loan. It is also stated that the “BSFIs shall not charge or apply on interest, penalties, fees or other charges” during the mandatory grace period on loans.

Based on the copy of Bayanihan 2 posted by RCBC, the law also includes the mode of payment for the accrued interest during the one-time 60-day loan moratorium. It is stated that the borrower may pay it in staggered basis until December 31, 2020.

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