In support of the Bayanihan To Heal As One Act and during this time of Covid-19 health pandemic, we are automatically giving a payment extension for Housing Loan, Auto/Car Loan and Personal Loan accounts with payment due dates falling during the Enhanced Community Quarantine, without incurring penalty fees and interest on interest.
|What is RA 11469 or the Bayanihan to Heal As One Act ("Bayanihan Act")?|
|It is an Act declaring the existence of a national emergency arising from the COVID-19 pandemic and which grants the President of the Republic of the Philippines the power to adopt temporary emergency measures to respond to the COVID-19 crisis. One of the powers granted to the President is to direct all financial institutions to provide their borrowers a grace period to pay their loans. The President, through the Department of Finance, issued the rules and regulations to implement said power.|
|What is/are the pertinent provisions of the Act and its Implementing Rules and Regulations ("IRR") to borrowers of the bank?|
The act provides for a mandatory payment extension for all loans with principal and/or interest falling due within the Enhanced Community Quarantine (ECQ) period.
As such and with the further extension of the ECQ period, the covered period for this provision is likewise extended.
|Will the payment extension apply to all loan accounts?|
|Yes. The payment extension will be automatically applied to all Auto/Car, Home and Personal Loans with payment due dates from March 12 until the end of the ECQ period, both on current and past due loan accounts.|
|Is payment extension only applicable for Metro Manila booked accounts?|
|No. The loan payment extension will cover all Auto/Car, Home and Personal Loan accounts NATIONWIDE.|
|Are both late payment and finance charges waived during the extended grace period?|
|Yes. Penalty for late payment, interest on interest, fees and other charges are waived during the payment extension period.|
|Will Automatic Debit Arrangement (ADA) processing and presentment of PDC be put on hold during the ECQ period?|
|Yes. ADA and PDC presentation were put on hold until the end of the payment extension period.|
|Will the interest incurred during the ECQ period be waived?|
|Standard interest computation will apply based on the outstanding Principal and the no. of days of the amortization period. However, the penalty and interest on interest, fees and other charges will be waived.|
|Will the late payment charges automatically be waived or do the client need to make a request for the waiver?|
|Yes, penalties, fees, and other charges are automatically waived and the borrower need not apply or request for bank approval.|
|Do I need to request for the payment extension from the bank?|
|No, the payment extension will be automatically applied to all Auto/Car, Home and Personal Loan accounts.|
|When will the extension period commence?|
|The payment extension period will commence on the due date of the loan falling within the ECQ period.|
|Will I need to pay double on my succeeding due dates?|
|No. You will NOT PAY DOUBLE on succeeding due dates after the covered period.|
|With the payment extension, what is the effect on the term of my loan?|
|Payment of loans will continue after the end of the ECQ. With the payment extension, loan maturity date will be extended accordingly, depending on the number of amortization months deferred.|
|If I am unable to pay immediately upon the expiration of the payment extension period, will I be penalized?|
|Yes. Only due dates falling within the payment extension period will be exempted from penalty fees.|
|Am I required to pay additional Documentary Stamp Tax (DST) as a result of the 30-day (now, extended) grace period?|
|No additional DST will be imposed as as result of the payment extension period.|
|What will be the amount due on my next due date after lifting of ECQ or payment extension?|
For accounts that are in current or updated status as of March 11, 2020, the amount due will be your usual or regular 1 month amortization.
For accounts that are in past due status, the amount due will be the total unpaid amortizations (including the regular amortization in your next due date) plus the charges due as of or up to March 11, 2020.
However, according to the FAQs of Bangko Sentral Ng Pilipinas (BSP), for all loan accounts, regardless of whether current or past due in status, interest on the outstanding or unpaid principal of the loan will continue to accrue (accrued interest) during the grace period or moratorium.
|What are the basic factors that determine the amount of accrued interest?|
The amount of accrued interest depends on the following: (a) age of your loan account or date when loan was granted (the newer the loan, the higher the accrued interest will be since outstanding/unpaid principal is still high); (b) term of your loan (the longer the term, the higher is the interest application or component on the start or early years of the loan).
You will receive a message or call from us informing you of the amount of your accrued interest.
|Can I avoid the payment of accrued interest?|
|YES if you decided to "Opt-out" or forego the payment extension under the Bayanihan To Heal As One Act (R.A. 11469).|
|What is "Opt-out" and how can I do it?|
Opt-out means you decide to forego the grace period/moratorium of R.A. 11469 and pay the deferred amortizations covered by the grace period/moratorium "ON or BEFORE" your next due date after lifting of ECQ.
If you decide to "Opt-out", you may email us or call us at any of the contact details below.
Please take note that as you may have "continued" funding and deposit to your accounts enrolled under Auto Debit Arrangement (ADA) and checking accounts AFTER we stopped their auto-debit and clearing, some of our people from our Skeletal Teams are calling you to inform, offer and discuss the above-mentioned "Opt-outs", especially for those with substantial amount of accrued interest due.
|What if I cannot pay all the deferred amortization under grace period/moratorium at "one time" on or before my next due after lifting of ECQ?|
|You can still avail of the opt-out by requesting for "payment on installment" but, still, you MUST complete the full amount of the deferred amortizations covered by the grace period/moratorium ON or BEFORE your next due date.|
|What will happen now to my loan after the completion of the Opt-out?|
|Your loan will NOT be charged with accrued interest and its loan term will NOT be extended. The terms and conditions of your loan remain the same.|
|If I decide NOT to Opt-out and instead avail or keep the benefit of the payment extension under R.A. 11469, how will I pay the accrued interest?|
|You may call or email us any of the contact details below to coordinate your preferred mode or timeline of payment of the accrued interest due (examples: on next due date; thru installment up to December 31, 2020; on check replenishment date; on repricing date; etc.)|
|Will I receive a notice informing me of the amount of the accrued interest due on my loan and how to pay it?|
|Yes. Maybank will send a text message or email you the amount of accrued interest due on your loan and the options for the mode and timeline of its payment. You may call or email us at any of the contact details below.|
For any questions regarding the loan payment extension, you can contact us via the following:
FOR AUTO LOAN
(02) 8835-8385 to 87
CALL OR TEXT
Naga - 09985904838
San Fernando and Angeles Pampanga -09338201869
Cebu - 09985841671
Cebu - 09985904840
Cagayan De Oro - 09985841669
Iloilo - 09985841670
Iloilo - 09985841678
Tarlac - 09985841673
Dagupan - 09985841675
FOR MORTGAGE LOAN
CALL OR TEXT
FOR PERSONAL AND SALARY LOAN
CALL OR TEXT
In support of the Bayanihan To Heal As One Act and during this time of need, we are automatically giving a 30-day payment extension for Maybank Credit Cards.
|What is RA 11469 or the Bayanihan to Heal As One Act ("Bayanihan Act")?|
|It is an Act declaring the existence of a national emergency arising from the COVID-19 pandemic and which grants the President of the Republic of the Philippines the power to adopt temporary emergency measures to respond to the COVID-19 crisis. One of the powers granted to the President is to direct all financial institutions to provide their borrowers a 30-day grace period to pay their loans and credit cards. The President, through the Department of Finance, issued the rules and regulations to implement said power.|
|What are the due dates that will be covered by this Bayanihan Act payment extension?|
|Credit card due dates falling within the ECQ period are covered.|
|When will be my next due date?|
|Do I need to call the Maybank Customer Service Hotline to request for the payment extension?|
|No, the payment extension will be applied automatically if you are a cardholder in current or past due status as of latest statement date.|
|How do I know if I qualify for the 30-day payment extension?|
|You will receive an SMS and/or email if you qualify. Bank-initiated credit and debit adjustments will be reflected on your next Statement of Account.|
|Will there be a late charge?|
|No, there will not be a late charge for those who are in current or past due status.|
|Will there be retail interest?|
|Standard computation for retail interest will apply. Payment of only the Minimum Payment Due or any amount less than the Total Amount Due on payment due date will be subject to retail interest.
However, if in the recent 6 months you have been consistently paying the Total Amount Due, retail interest will be automatically waived for the period covered by this payment extension of the Bayanihan Act.
|I am paying a monthly installment amortization because I availed one of your EzyPlans. Will I incur retail interest if I am not able to pay on the covered due dates?|
|For the monthly installment amortization that is due during the 30-day payment extension, you will not incur any retail interest. Note that your monthly installment amortization will be carried over to your next billing statement's Total Amount Due. As such, to manage your cashflow, we still encourage you to use our digital payment acceptance channels.|
|How will my Minimum Payment Due be computed in my next billing statement?|
|Minimum Payment Due will still be computed as:
Minimum Payment Due = [A-B-C-D) * 5% or Php500, whichever is higher] +B+C+D, where:
A = Total Amount Due
B = Sum of all Installment Amortization Amounts due for the month
C = Excess of Credit Limit
D = Total Past Due Amount
|My Maybank Credit Card is currently enrolled for an Auto Debit Arrangement (ADA). Will this push through on the covered due dates?|
|Yes, the ADA will push through, if the deposit account you have enrolled has sufficient balance. As such, it is deemed that you opted to settle on your original due date. However, should you opt for a reversal, you can send the request to email@example.com or (02) 8588 8388 or 1800 10 588 3888.|
|The funds in the deposit account I have enrolled for ADA is not sufficient, am I still eligible for the Payment Extension?|
|Yes, as long as you are a Maybank Credit Cardholder in current or past due status as of latest statement date.|
|What are your digital payment acceptance channels?|
|For your safety and convenience, you may pay through the following digital payment acceptance channels:
Maybank PH app
Maybank2U Internet Banking website
For any questions regarding the credit card payment extension, you can contact us via the following:
(02) 8588-3888 or 1800 10 5883888