City Savings Bank Advisory FAQs: DepEd Salary Loan Payment Resumption

City Savings Bank Advisory FAQs: DepEd Salary Loan Payment Resumption

City savings bank FAQs DepEd Salary Loan Payment Resumption

Here is the latest City Savings Bank Advisory FAQs: DepEd Salary Loan Payment Resumption, know more of this advisory by reading below.

As of June 9, 2020 The City Savings Bank releases an Advisory which is a Frequently asked Questions (FAQs) regarding to the DepEd Salary Loan Payment Resumption.

1. Am I required to pay in June 2020 all loan payments that were granted a 30- day grace period in April and May 2020?

Answer: No. BSP Memorandum No. M-2020-042 specifies that the amortizations will be rescheduled in accordance with the 30-day grace period. In effect, the last payment due date of the loan is extended by a period equivalent to the grace period granted for the duration of the ECQ.

2. What are the payment options for interest accrued during the moratorium period?

Answer: Under the BSP Memorandum No. M-2020-042, you may choose from the following payment options:
• Pay in lump sum,
• Pay in staggered for the remaining term, or
• Pay at the last payment due date

3. Will there be an additional interest if I am not able to pay the accrued interest accumulated within the moratorium period?

Answer: No. The Bayanihan Act prohibits all BSP – Supervised Financial Institutions (BSFIs) including banks to charge and collect interest on interest. Hence, if your accrued interest during moratorium period is computed as Php 1,000.00, only the amount of Php1,000.00 shall be collected which can be paid either in lump sum, staggered, or at the end of your loan term.

4. Will the 30-day mandatory grace period under the Bayanihan Act still apply to my loan and/to interest payments falling due until May 31, 2020 even if the new due dates will fall on or after June 1, 2020?

Answer: As long as your due date falls on or before May 31, 2020, the 30-day mandatory grace period under the Bayanihan Act shall continue to apply to your loan and/or interest payments.

5. Where can I pay my incurred interest during the moratorium period?

Answer: You can pay over the counter at any of our accredited collection channels:

  • City Savings Bank branches
  • M.Lhuillier Kwarta Padala branches
  • PeraHub branches
  • UnionBank of the Philippines branches

6. Where can I inquire for more details about my loan account?

Answer: You can visit the nearest CitySavings branch to ask about further details of your account. We will be happy to assist you.

SOURCE: City Savings Bank

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4 Comments on City Savings Bank Advisory FAQs: DepEd Salary Loan Payment Resumption

  1. my loan will end on aug 2021..I would like to request that my 3 monthly dues which we called the moratorium period instead of aug 2021 it will be moved to nov 2021 in favor of my moratorium month..thank you..

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