Frequently Asked Questions regarding CBS auto, housing, salary, personal, SME and SmallBiz loan payments during ECQ
Frequently Asked Questions regarding CBS auto, housing, salary, personal, SME and SmallBiz loan payments during ECQ
With the implementation until May 31, 2020 of Modified Enhanced Community Quarantine (ECQ) in Metro Manila and other parts of the country, payments for CBS auto, housing, salary, personal, SME and SmallBiz loans with due dates falling within the ECQ are given a 30-day grace period. The same loan payment moratorium covers all loan payments due, beginning March 17, 2020.
1. Who are eligible to avail the 30-day grace period on loan payments?
All CBS clients with existing loans with the bank regardless of loan status.
2. When will the 30-day grace period commence? Will it be from payment due date or from end of the ECQ?
The 30-day grace period shall commence from the payment due date falling within the ECQ period starting March 17, 2020 to May 31, 2020.
3. Are loan accounts covered by post-dated checks, auto debit or auto deduct arrangements eligible for the mandatory grace period?
Yes, loan accounts with issued post-dated checks and those with auto debit or auto deduct arrangements are covered. The ADA and PDC will be put on hold for the remaining term of the ECQ period.
4. Are borrowers required to apply for the mandatory grace period?
No need to apply. The grace period is automatically applied to all loans.
5. Do loan borrowers have to pay the skipped payments right after the ECQ, which means they have to pay 2 or 3 months amortizations?
No. Borrowers will not pay double or triple on succeeding due date after the ECQ period.
6. Will the maturity date of my loan change because of the mandatory grace period during the ECQ?
Yes. Your loan maturity date will be moved further by 1, 2 or 3 months, whichever is applicable, depending on the number of your amortizations falling due within the ECQ period.
7. Can borrowers opt to pay on time amortizations falling due within the ECQ period despite the mandatory grace period?
Yes. Borrowers may pay amortizations due on their original due date within the ECQ period.
For those whose mode of payment is via Automatic Debit Arrangement (ADA) or Post-dated Check (PDC), you may email us at customerservice.cbs@chinabank.ph to request for the manual debiting of your account or depositing of your check payment.
For Over-the-Counter (OTC) payments, you may visit any open CBS branch to pay for your loan due. You may also pay online thru the CBS Mobile app or via ATM or any open China Bank Corporation branch.
List of select CBS branches and ATMs in service during ECQ: https://www.cbs.com.ph/newsbreaks/CBS_Customer_Advisory.aspx
8. In case payment has been made, can the client request for the reversal of the monthly amortization due falling within ECQ?
Yes, we can allow reversal of payment both Principal and Interest upon request by the client.
9. In case the account will cover 2 or 3 monthly amortizations due within the ECQ period, will the mandatory grace period cover the 2 or 3 months amortization due?
Yes, the mandatory grace period will cover amortizations falling within ECQ.
10. Do clients need to sign a new set of Promissory Note & Disclosure Statement (PN/DS) to cover the amortization schedule with revised last payment due date?
No, there is no need to issue new PN/DS.
11. When do we require the client to pay the interest portion of their amortization during the ECQ period?
CBS will bill the client for the interest in full after the ECQ period. While we encourage the payment in full of interest due after the given grace period, client may opt for staggered payment of the interest due within the remaining term of the loan or earlier.
12. What does the Bank require if the client wishes to pay his interest due in staggered payment?
The client needs to accomplish a Letter of Agreement, template to be provided, for this purpose.
Didn’t find the information you need? Contact the CBS customer service hotline at (02) 8988-9555
