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FAQ's: Loan Payment under ECQ Period
Posted: 10:30pm May 03, 2020

  1. What is the Bayanihan to Heal as One Act?
    The Bayanihan to Heal to as One Act provides a payment extension for all loan installments due between March 17, 2020 up to May 15, 2020 with no late payment charges to be applied.
  2. Who are covered by the Act?
    All clients with installment checks due from March 17, 2020 to May 15, 2020.
  3. How many days extension was given to me?
    A 30 day grace period is given for every installment that falls within the ECQ and extended another 30 days should the grace period once again falls within the March 17 to May 15 ECQ period.
  4. Will I be charged late payment fees due to the nonpayment of the installments due within the ECQ period?
    No late payment fees will be charged during the applicable grace period.
  5. When do I pay for the 2 affected monthly installments?
    You can choose to pay as follows:
    1. At the end of your original loan term
    2. Anytime before the end of your original maturity date
  6. Will I be charged additional interest? How much?
    Yes. Since payment has been deferred, the Bayanihan to Heal as One Act allows for the unpaid principal portion to earn interest.

    More or less, it will amount to around 1% per month based on the monthly installment due until such installment has been fully paid.
  7. Is there any benefit to paying the 2 monthly installments BEFORE the end of the loan term?
    Yes. The earlier you pay the 2 affected installments, the lesser the interest that will be accrued or added. You save money.

    EXAMPLE:
    Loan Amount P 100,000.00
    Monthly Installment: P 9,334.00
    Loan Term: 3/20/2020 - 2/20/2021
    2 Checks Affected: 3/20/2020 and 4/20/2020

    A. End of Loan Term Payment: (new loan maturity date will now be extended by 2 months or 4/20/2021)
    a.1.    3/20/2020 installment - can be paid 3/20/2021 at the latest
              P 9334.00 x 1% * 10 months (5/20/2020 up to 3/20/2021) = P 933.40
              Additional Interest to be paid for this installment - P 933.40

    a.2.    4/20/2020 installment - can be paid 4/20/2021 at the latest
              P 9334.00 x 1% * 11 months (5/20/2020 up to 4/20/2021) = P 1026.74
              Additional interest to be paid for this installment - P 1026.74

    Total accrued interest for the 2 installments = P 1960.14 (to be paid together with the last installment on 4/20/2021)

    B. Payment before End of Original Maturity Date
    b.1.    3/20/2020 installment - paid 8/20/2020
              P 9334.00 x 1% * 3 months (5/20/2020 up to 8/20/2020) = P 280.02
              Additional interest to be paid for this installment - P 280.02

    b.2.    4/20/2020 installment - paid 11/20/2020
              P 9334.00 x 1% * 6 months (5/20/2020 up to 11/20/2020) = P 560.04
              Additional interest to be paid for this installment - P 560.04

    Total accrued interest for the 2 installments = P 840.06 (can be paid together at the end of the original maturity date)

    INTEREST SAVED BY PAYING EARLY FOR THIS EXAMPLE: P 1,120.08
  8. Has the grace period granted by the Bayanihan act been factored into the interest computation?
    Yes. Interest begins to be computed only from your adjusted due date as mandated by the Bayanihan Act, not from your original installment date. See interest computation example above wherein your due dates were adjusted as follows -

    March 20 installment - adjusted due date to May 20
    April 20 installment - adjusted due date to May 20
  9. What if I want to pay my affected installments earlier but on an installment basis?
    You could choose to remit partial payments of the affected installments until completed to our designated account numbers as follows

    88 Asia Finance Corporation
    Metrobank Federal Tower
    S/A# 010-7010-51835-7

    Please make sure to send a copy of the deposit slip to your account officer assigned for proper crediting. And keep your copy in a safe place for reference.
  10. Is the accrued interest rate applicable to my other installments too in case I get delayed?
    No. The accrued interest rate is only applicable to the checks affected by the ECQ. All checks before and after the ECQ will follow the terms and conditions of the original promissory note contract signed.
  11. Is there any other way that I will not be charged additional interest for the affected checks?
    Yes. If your account is updated at the time of the ECQ, you have the option to pay the affected installment checks without any accrued interest should you settle the installments on or before June 30, 2020.

    In other words, we are giving you an additional 45 days interest free extension on top of that which was provided in the Bayanihan act.

    Please call the account officer assigned to you for your preferred payment schedule so that we could reschedule your check deposit dates accordingly. Thank you very much.

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