UPDATE: One-Month Loan Moratorium for DepEd Personnel in Calamity Areas
January 22, 2025
As part of our assistance to customers in those areas officially-declared as calamity-stricken, CBS China Bank Savings will offer an optional month-long loan moratorium (via refund) on APDS loans for Department of Education teachers and staff. Eligible borrowers may apply for the optional refund from January to March 2025 at the CBS APD loan centers and Branch Lite Units servicing their area.
Highlights of the one-month loan moratorium are as follows:
• Moratorium is OPTIONAL for the borrower. CBS shall be responsible for informing the borrower’s eligibility criteria, instructions and required documentation, implication and the process of REFUND to the eligible borrower. Client must NOT be more than 65 years old, one (1) month after the end of loan term.
• CBS will provide one (1) month amortization for loan moratorium to be implemented in areas officially declared as calamity-stricken since September 2024. Start of implementation is on January 2025. Eligible borrowers may be allowed to apply one-month loan moratorium within the period January to March 2025.
• The loan moratorium shall not apply on payments for loans granted starting December 2024.
• Interest shall not be waived during moratorium. There shall be an additional accrued interest to be collected but NO interest on interest, penalties or surcharges shall be applied.
• The accrued interest for the moratorium month is not included in the refund. The client can settle the accrued interest (a) by paying within the current loan term; or (b) by deducting the amount from the proceeds of a subsequent loan. Please confer with the CBS APD loan center or Branch Lite Unit in your area regarding the available payment channels for the accrued interest.
• Loan terms shall be extended by one month only. CBS shall submit to DepEd billings reflecting extension of term and informing if loans is fully paid.
We have provided for reference a copy of the memo, the official list of calamity-stricken areas, and the link to our directory of branches.
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