Guide on Whether or Not UnionBank Business Loan Is Included Under 60-Day Grace Period
UNIONBANK BUSINESS LOAN – Here is a guide on whether or not this UnionBank loan offer is covered by the 60-day grace period.
The COVID-19 pandemic has affected almost everything and everyone in the Philippines. The country is on a fight against the spread of the disease for several months now and community quarantine measures are still up.
Quarantine measures are implemented to curb the spread of the disease. There are also several other protocols implemented in the pursuit of ending the pandemic.
However, on the other side, it is also a challenging time for the economy of the country. Many businesses closed after having no operation nor income for several months amid the pandemic.
Following the closure of businesses, a lot of employees also lost their jobs while employers lost their main source of income. Many people are financially struggling now.
One of the assistance provided by the government is loan moratorium or grace period for those who have existing loans to pay. It is one of the mandates under the Republic Act No. 11494 or the Bayanihan To Recover As One Act (BARO).
UnionBank is one of the banks that are quick to comply with the mandated 60-day grace period. It covers not only the auto loan, home loan, and the quick loan but as well as the UnionBank Business Loan.
The UnionBank Business Loan or SME loan dues covered by the 60-day grace period are those falling between September 15 until December 31. It is a one-time offer and is only open for updated accounts.
Under the said loan moratorium, late payment charges are waived and as well as interest on interest. There will be a UnionBank loan accrued interest that will be paid after the grace period coverage.
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