Clients of Security Bank Loans May Avail 60-Day Grace Period Amid the COVID-19 Crisis
SECURITY BANK LOANS – The Security Bank Philippines offer a 60-day grace period to loan clients in compliance with Bayanihan 2.
A lot of people are financially struggling now due to the impacts of the COVID-19 pandemic. Many individuals lost their source of income amid the crisis that hit the Philippines hard.
The entire country is under community quarantine measures for several months now. It aims to curb the spread of the COVID-19 disease which has already taken thousands of lives.
Amid the current situation, many businesses were not able to cope with the crisis. Their expenses continue but no income is reaching the records as most people really live differently now.
Due to having no income for several months already, many businesses closed and a lot of employees lost their jobs. Sadly, some of these individuals do not only struggle on what to put to on the table but they also have loans to pay.
To help the people, the Bayanihan 2 was passed. It offers loan moratorium and among those covered are bank loans like the Security Bank loans.
The Security Bank released an advisory to the public regarding the loan moratorium. It complies to the 60-day payment extension stated under the new loan.
The Security Bank loans covered by the 60-day grace period may be available by the qualified loan amortizations falling between September 15, 2020 to December 31, 2020. According to the bank, those loans which were approved by September 14 may also avail the moratorium.
According to Security Bank, “loan interest during the payment extension or accrued interest still applies”. For grace period availment starting October, the accrued interest must be paid in full on December.
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