Clients’ UnionBank Loans May Qualify for 60-Day Grace Period
UNIONBANK LOANS – The UnionBank Philippines is implementing a 60-day grace period on qualified loan accounts amid the COVID-19 crisis.
The Philippines is one of the countries hit by the COVID-19 pandemic. Across the globe, more than 200 countries and territories have confirmed cases of the coronavirus disease.
According to the World Health Organization (WHO), the COVID-19 pandemic may be a long-term battle. Even the international body was alarmed by how fast the infection spread across the globe.
The pandemic brought a lot of changes to different countries and territories including the Philippines. Community quarantine measures are up in the entire country for several months now.
A lot of businesses were not able to cope with the demands of the COVID-19 crisis. For several months, they only incurred expenses with no income. Some of these companies have no choice but to close.
The closure of several firms led to a lot of people losing their source of income – both employers and employees. Sadly, many of these individuals have loans to pay.
One options is currently on the surface now because of the Republic Act No. 11494 or the Bayanihan to Recover As One Act. Under the Bayanihan 2, a 60-day grace period will be implemented on qualified loans.
The UnionBank loans that are qualified for the 60-day grace period are those with dues that fall starting September 15. The moratorium coverage is from Sept. 15 to December 31, 2020.
According to the bank, the UnionBank loans with past dues and those that were only approved on September 15 are not qualified for the 60-day grace period. No late payment fee will be charged on qualified loan accounts that will avail the moratorium.
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