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60-day Grace Period on UCPB Loan Payments

Attention: Auto Loan, Home Loan, Salary Loan and Small Business Loan Clients

For the Tagalog translation of this advisory, click here.

In compliance with the Bayanihan to Recover As One Act (Bayanihan 2), there will be a one-time 60-day payment moratorium on UCPB loans on current status (not past due) falling due on September 15 to December 31, 2020. The accrued interest during said period can be paid on a staggered basis.

Should there be an instruction for the Bank to follow the original payment schedule, please coordinate with our loan officers.

For inquiries or concerns, you may contact our Consumer Loans Desk at (02) 8811 9100 or loans@ucpb.com.

To get an estimate of the accrued interest on your UCPB loan, below is the Accrued Interest Calculator.

Thank you and please keep safe.

Bayanihan 2 FAQs
  • What is Republic Act No. 11494, otherwise known as the “Bayanihan to Recover as One Act” (Bayanihan 2)?

    The Bayanihan 2 is a supplement law to Republic Act No. 11469 known as the “Bayanihan to Heal as One Act” (or “Bayanihan 1”). It is the second legislative relief measure of the National Government in response to the Covid-19 pandemic.

    One of the provisions in Bayanihan 2 requires certain institutions, such as banks and other financial institutions, to provide: (a) a mandatory non-extendible one-time 60-day moratorium (“60-day Grace Period”); (b) for all existing, current and outstanding loans (i.e. not past due) as of September 15, 2020, (c) with amortizations or payments, including on principal and/or interests, falling due from September 15 to December 31, 2020.

    To know more about the following, please click the links:

    • Bayanihan 2: click here
    • Implementing Rules and Regulations (IRR) and Frequently Asked Questions (FAQs) for Bangko Sentral Supervised Financial Institutions issued by the Bangko Sentral ng Pilipinas (BSP) on Section 4(uu) of the Republic Act No. 11494 or the “Bayanihan to Recover as One Act”: click here.
One-time 60-day Grace Period
  • What does the one-time 60-day Grace Period mean if I apply it on my UCPB loan payments?
    1. This means that the 60-day Grace Period will automatically be applied on your payments and monthly amortizations, falling due from September 15 to December 31, 2020.

      You can send us an advice that you are not availing the 60-day Grace Period and that you want to continue your payments based on the original payment schedule. If you want to maintain your regular payment schedule, please click here: UCPB LoanEasy Extension Payment Options.

      If we do not receive an advice before November 14, 2020, the Bank will automatically apply the 60-day Grace Period on your UCPB loans.

      Please see below an illustration of the effect of the one-time 60-day Grace Period when availed:

      If you choose to apply the 60-day Grace Period on your September 15, 2020 due date:

      • Your payment due date will move to a new due date by 60 days, i.e. November 15, 2020
      • Succeeding original amortizations, say, October 15, 2020 and onwards, will move by 60 days.
      • Maturity date of the loan will also move by 60 days.
    2. For the same loan, the 60-day Grace Period shall be applied only once.
  • Who is qualified for the one-time 60-day Grace Period on UCPB loan payments?

    The 60-day Grace Period applies to all UCPB LoanEasy clients with existing, current and outstanding loans (excluding past due loans) as of September 15, 2020 with payments falling due from September 15 to December 31, 2020.

  • Is the one-time 60-day Grace Period only applicable to UCPB LoanEasy clients located in Luzon?

    No. The 60-day Grace Period is applicable to all UCPB LoanEasy clients nationwide.

  • Will the one-time 60-day Grace Period apply to past due loans?

    No. The loans which are already past due as of September 15, 2020 are not entitled to avail of the 60-day Grace Period. The 60-day Grace Period is applicable to all existing, current and outstanding (not past due) UCPB loans as of September 15, 2020 only.

  • What UCPB loan products are covered by the 60-day Grace Period?

    The 60-day Grace Period covers all loans released before September 15, 2020 and are existing, current and outstanding (not past due) as of September 15, 2020. This covers UCPB DrivEasy Auto Loan, HomEasy Home Loan, SalarEasy Personal Loan and BizEasy Business Loan. This includes your car loan or real estate loans approved by UCPB.

  • Am I qualified to apply for the 60-day Grace Period if my UCPB loan was released after September 15, 2020?

    No. Loans released after September 15, 2020 are not qualified to avail of the 60-day Grace Period under Bayanihan 2.

  • I have multiple loans with UCPB, can I apply the 60-day Grace Period to all of them?

    Yes. You may opt to apply for the 60-day Grace Period to all of your loans as long as they are current and outstanding as of September 15, 2020. If one of your loans is past due as of said date, you can still apply the 60-day Grace Period to your other qualified UCPB loans which are current and outstanding as of September 15, 2020.

  • What payment due dates are covered by the 60-day Grace Period?

    UCPB loan amortizations or payments falling due from September 15 to December 31, 2020 are covered by the grace period.

  • When will the 60-day Grace Period start?

    The 60-day Grace Period starts on any due date falling within the period of September 15 to December 31, 2020. The Bank will automatically apply the grace period for qualified loans with due dates falling within the said period, unless we receive an advice from the client before November 14, 2020 that: (a) client will not avail of the 60-day Grace Period; or (b) client will avail of the Grace Period but for a preferred payment due date.

  • Is it possible for me to choose when to apply the 60-day Grace Period to any of my amortizations falling due from September 15 to December 31, 2020?

    Yes. For example, if your due date is every 15th of the month and you want to apply the 60-day Grace Period on the November 15, 2020 due date, your new due date will be on January 15, 2021. Please bear in mind that availing of the grace period will extend your loan term or maturity date for another 60 days.

  • Do I need to pay double or triple my loan amortization on my next due date?

    No, you are not required to pay double or triple the amount of your regular monthly payment once you resume your regular payment schedule. However, your loan term will be extended for another 60 days, as shown below:

    Preferred start of 60-day Grace Period Resumption of monthly payment Original maturity date Adjusted loan term
    September 15, 2020 November 15, 2020 September 15, 2025 November 15, 2025
    October 15, 2020 December 15, 2020 October 15, 2025 December 15, 2025
    November 15, 2020 January 15, 2021 November 15, 2025 January 15, 2026
    December 15, 2020 February 15, 2021 December 15, 2025 February 15, 2026
    Bayanihan to Recover as One Act Implementing Rules and Regulations Section 4 (uu) requires all covered institutions to implement a mandatory one-time 60-day grace period to all loans that are existing, current and outstanding with principal and/or interest, including amortizations, falling due on or before December 31, 2020. The mandatory one-time 60-day grace period shall apply to each loan of individuals and entities with multiple loans.
  • Do I have to pay late payment and finance charges for availing the 60-day Grace Period?

    No. You do not have to pay late payment and finance charges for availing the 60-day Grace Period.

  • Does the 60-day Grace Period apply to UCPB loans that benefited from the mandatory moratorium/grace period under the Bayanihan 1?

    Yes. The 60-day Grace Period still applies even if you availed of the grace period in Bayanihan 1.

Post-dated Checks (PDC)/Automatic Debit Arrangement (ADA)
  • What will happen to my Post-Dated Checks (PDCs) or Auto Debit Arrangement (ADA)?

    Your PDCs and ADA were put on hold after the IRR on Bayanihan 2 was issued by the BSP in the latter part of September 2020. There is no need to call to request for check deferment.

    For example, if your monthly amortization is due on September 15, 2020 and every 15th day of the month, collection via PDC/s and ADA will resume on November 15, 2020 or after the 60-day Grace Period which commenced on September 15, 2020. As such, collection via PDCs/ADA will also move by 60 days for succeeding original amortizations i.e. October 15, 2020 and onwards.

    If you want to maintain your regular monthly payment schedule, please click here: UCPB LoanEasy Extension Payment Options.

  • If I choose to avail of the 60-day Grace Period, do I have to issue additional PDCs for the accrued interest payment and the extension of the loan term?

    If you availed of the 60-day Grace Period, you have to issue additional PDCs for your accrued interest payment to cover for the 60-day Grace Period, and for the additional 60 days in your loan term. Payment of the accrued interest will be done on a staggered basis until December 31, 2020 or on any date that you and UCPB may have agreed on but, in any case, not beyond the new maturity date of the loan.

  • Do I still need to issue another ADA on the extended term of 60 days?

    No, the existing ADA for your loan amortization shall suffice. A separate ADA form shall be executed for your accrued interest payment.

  • I issued PDCs representing staggered payment for accrued interest for Bayanihan 1 which falls within the September 15 to December 31, 2020 period. Is this also covered?

    Yes, PDCs and ADAs for accrued interests under Bayanihan 1 and falling due from September 15 to December 31, 2020 were also put on hold.

Accrued Interest under Bayanihan 2
  • If I avail of the 60-day Grace Period, do I need to pay the accrued interest on the loan during the 60-day period?

    Yes, the accrued interest computed on the principal loan amount will be collected on a staggered basis until December 31, 2020 or any date that may have been agreed upon by the Bank and the client but in any case not beyond the new maturity date of the loan.

    BSP Memorandum 2020-068: The accrued interest for the one-time 60-day grace period may be paid by the borrower on a staggered basis until December 31, 2020. Nonetheless, this shall not preclude the borrower from paying the accrued interest in full on the new date. The parties may agree to: xxx (2) payment of accrued interest on a staggered basis beyond December 31, 2020.

  • How much is the accrued interest on the unpaid loan principal amount during the 60-day Grace Period?

    The amount of the accrued interest on the unpaid loan principal varies depending on the following:

    • Amount of your outstanding principal balance before the grace period
    • Remaining loan term when the grace period was granted

    Get an estimate of the accrued interest on your loan here: UCPB Loan Extension Accrued Interest Calculator. Please email loans@ucpb.com to request for the actual amount of your accrued interest and your updated loan amortization schedule.

  • Can I choose to maintain my regular monthly payment schedule instead so I don’t have to pay for the accrued interest or extend my loan term?

    Yes, you can choose this option. If you want to maintain your regular monthly payment schedule, please click here: UCPB LoanEasy Extension Payment Options.

UCPB Loan Extension Accrued Interest Calculator

Date updated: October 17, 2020
Date published: September 25, 2020

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Customer Advisories

System Maintenance Activity: Tuesday, December 1, 2020 from 4:00 am to 7:00 am

Please be informed that the following services will be unavailable on December 1, 2020, Tuesday, from 4:00 am to 7:00 am due to a system maintenance activity:

Sending/Receiving OTPs for online (eCommerce) transactions
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We apologize for the inconvenience. Kindly schedule your transactions accordingly. Read more.

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