| What are eligible loan accounts for the 60-day grace period? |
| Salary and Personal Loans, Housing Loans, Commercial/Business Loans and Car Loans that are CURRENT as of 15 September 2020 and booked before 15 September 2020,and will cover any principal plus interest of monthly amortization falling due from Sept. 15, 2020 to December 31, 2020. (Reference: Section 4.01 BSP Memorandum No. M-2020-074, dated 28 September 2020 |
| If I avail of the grace period, will my loan term change? |
| The implementation of the one-time 60-day grace period will effectively extend the maturity of the said loans (Section 5.01, (Section 5.02, BSP Memorandum No. M-2020-074, dated 28 September 2020) |
| Will there be additional interest that will be applied to my loan account? |
| Yes, accrued interest will be applied on the loan if you will avail of the grace period. To find out how much, please go to this link and input your loan account number. (Reference: Section 5.02, BSP Memorandum No. M-2020-074, dated 28 September 2020) |
| What are my options as borrower? |
| 1) Opt-Out/Will not avail of grace period. By opting out of the payment moratorium, there will be no change in your payment due dates, monthly amortization, loan term/maturity and current payment arrangements (PDCs or Auto-debit arrangement).
2) Opt-In and avail of the payment moratorium for my amortizations falling due from September 15, 2020 to December 31, 2020, and pay accrued interest incurred during the 60-day grace period. Borrower may pay the principal and accrued interest in full on the next due date after the application of the grace period. |
| How do I opt-in / opt-out from the payment moratorium? |
| Please indicate your preference (opt-in/opt-out) through this link |
| Do I have to pay for accrued interest on my next due date / lump sum? |
| The principal and accrued interest may be paid in full on your next due date after the application of the 60-day grace period, or on staggered basis until 31 December 2020. In case you prefer to pay on staggered basis, please email us at mpi.customerservice@maybank.com |
| Is there a deadline when I should inform the Bank if I will avail of the grace period? |
| You can inform us at least 5 days before your due date if you are availing of the 60-day grace period. If we do not receive any advice within this period, we will proceed with the original payment arrangement i.e. transact PDC or debit your account enrolled in ADA. |
| What if I have more than one loan account with Maybank, can I avail of the grace period for all my accounts? |
| Yes, as long as your accounts are all in current status (not past due). You will receive an SMS for your qualified loan account/s. Note that opting in/out of the 60-day grace period should be done per qualified loan account. |
| If I don't want to avail of the grace period and pay the accrued interest, is that possible? |
| Yes, you can opt out of the grace period and avoid payment of accrued interest by visting our website maybank.com.ph. By opting out, there will be no change in the amount due, no change in maturity date, no accrued interest and the existing payment terms and arrangements will be maintained. |
| How will I know if I am eligible to this payment moratorium? |
| Qualified loan and credit card accounts will receive an SMS on their eligibility for the payment moratorium. You can also check through this link . |
| I have an RSME Loan with Maybank, how do I avail of the 60-day grace period? |
| For business loans / RSME loans, please get in touch with your RSME Business Development Officer or Relationship Manager before your due date. |