Guide in Availing the UnionBank Loan Grace Period Under Bayanihan 2
UNIONBANK LOAN GRACE PERIOD – Here is a guide on whether or not you need to pay a 3-month loan due to UnionBank on December.
UnionBank Philippines is one of the banks that were quick to make an announcement about its compliance to the Republic Act. No. 11494. It is otherwise known as the Bayanihan To Recover As One Act or Bayanihan 2.
The new law was approved to help the different sector of the government and as well as the private individuals cope with the demands of the pandemic. It mandates a 60-day loan moratorium.
The UnionBank grace period on loans covers current accounts made before September 15, 2020. The account must have no past due before September 15 to qualify for the moratorium.
Considering that it is a 2-month loan moratorium, the next payment of clients who will avail it is in December. Credit card bills for purchases before September 15 are also covered by the grace period.
Are you worrying that you might be asked to pay the 2 to 3-month loan dues in December if you will avail the UnionBank loan grace period? According to the bank, you will only have to pay a one-month loan due in December.
After the 60-day UnionBank loan grace period, the regular payment schedule will resume. The loan term of those who availed the moratorium will be extended by 2 months.
Clients who wanted to continue paying with their loan dues amid the grace period may do so. It will keep the original loan term and as well as avoid the accrued interest.
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