Wondering if there will be an RCBC loan accrued interest during the grace period?
RCBC LOAN ACCRUED INTEREST – Here is a guide on whether or not there will be an accrued interest for those who will avail the grace period for loans to Rizal Commercial Banking Corporation (RCBC).
The Rizal Commercial Banking Corporation or more commonly called as RCBC is one of the banks that were quick to announce their compliance to the Republic Act No. 11494.
The said new law is also known as the Bayanihan To Recover As One Act or Bayanihan 2. It includes loan moratoriums. The government recognizes that a lot of those who are financially struggling now have existing loans to pay.
The RCBC announced the grace period coverage of loan amortizations and as well as credit card bills. It is open for qualified clients – a client must have an updated account.
For those who have loans with RCBC and wanted to avail the grace period, the offers covers due dates from September 15, 2020 to December 31, 2020. It is a “one-time and non-extendible” offer.
However, clients must be aware that RCBC loan accrued interest will apply to those who will avail the grace period. It is based on the outstanding principal balance of the client at the time of availing the 60-day grace period offer.
On the other side of the RCBC loan accrued interest, those who will avail the 60-day grace period will not be charged with “interest, penalties or other charges”.
Availing the said 60-day grace period will extend your RCBC loan term for two more months. The next due date will apply after the grace period.
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