Guide on Home Credit Loan Grace Period Accrued Interest
HOME CREDIT LOAN GRACE PERIOD – Here is a guide on how the accrued interest for a Home Credit loan is computed.
Home Credit Philippines, one of the most prominent lending companies in the country, is one of those firms that were quick to issue guidelines over their compliance to Republic Act No. 11494.
Otherwise known as the Bayanihan To Recover As One Act, BARO, or Bayanihan 2, this new law aims to help the different sectors of the government and as well as private individuals cope with the demands of the pandemic.
The Bayanihan 2 mandates a 60-day grace period on loans and credit card bills. Home Credit has both offers for qualified clients.
Late payment fees and interest on interest are waived under the grace period. However, clients who wanted to avail the Home Credit grace period on loans must be aware that there will be an accrued interest.
With regards to the Home Credit loan grace period accrued interest, here is a guide on how it is computed according to the lending firm:
- Accrued interest = Remaining principal amount x monthly interest rate x no. of months in grace period
Do you want to avail the said offer? You may visit – How To Avail Home Credit Grace Period Offer.
Are you after a gift payment and worried about your qualification to it in case you will avail the grace period offer amid the pandemic? Feel free to visit – Home Credit: Will Availing the Grace Period Affect My Gift Payment?.
Thank you for visiting our website. We hope we have helped you with regards to this Home Credit matter. You may keep coming back for more informative guides.
