Motorcycle Loan Payment Extended Grace Period

In compliance with the “Bayanihan To Heal as One Act” and its Implementing Rules and Regulations (IRR), the Bank is updating our advisory and re-issuing its FAQs to address your queries on the mandatory grace period extension for your GO!Motorsiklo Loans falling due from March 16 to May 31, 2020:

Q: Am I qualified to avail of the grace period?

A: All motorcycle loan clients are qualified.

Q: Will this apply only to Luzon-based customers or nationwide?

A:  This is being offered nationwide.

Q: What are the available payment options being offered by the bank?

A:  The following are your payment options:

      Option 1. Based on original terms and conditions.

      Monthly Interest and Principal to be paid on due date after ECQ period

      Maturity: No change/extension on maturity date

      Option 2. Described as follows:

      Monthly Interest and Principal to be paid in three (3) equal monthly payments at 0% interest on anniversary date after ECQ period

      Maturity: No change/extension on maturity date

      Option 3. Described as follows:

      Monthly Interest: to be paid in full on due date after ECQ period

      Principal: last payment due date will be moved by number of grace period depending on anniversary date

      Maturity: will be extended depending on number of grace period

      Option 4. Described as follows:

      Monthly Interest: shall be amortized commencing on due date after ECQ throughout the remaining term of the loan.

      Principal: last payment due date will be moved by number of grace period depending on anniversary date

      Maturity: will be extended depending on number of grace period

Q: Can I request for refund of payment made for amortization falling within ECQ period?

A:  Yes, do feel free to contact us via phone or email.

Robinsons Bank Customer Care Center (C3) Email: C3@robinsonsbank.com.ph Tel. No.: (+632) 8637-CARE (2273)

Q: Will I be charged penalties and returned check fees for post-dated checks (PDC)?

A: Penalties and returned check fees due to the Bank will be waived.

Q: My account is under auto-debit and PDCs, am I also qualified to avail of the loan grace period?

A: Yes. Auto-debits and PDC shall discontinue during the ECQ period.

Q: Do I need to call the Bank to inform which option should I intend to avail?

A: Yes, do contact us via phone or email.

Q: Do I need to sign any document on the changes made?

A: No need to sign any document. RBank will make the necessary adjustments in the system.

Q: What will happen to my post dated checks (PDC) within the ECQ period?

A: We will simply adjust the depositing of the PDC to future due dates. However, you may need to issue another check/s to cover for the additional interest payment.

Q: Will my loan payment be tripled on the following payment date?

A: No if you chose Option 2, 3, 4. The loan payment will follow the new amortization based on the option chosen.

For Option 1, yes. It will triple, because payment due during the period covered between March 16-May 31 will all be due on the billing statement on June 2020.

Q: If I have a past due balance, am I still qualified for the payment extension?

A: Yes. No penalties will be charged during the grace period but additional interest will be collected

Q: I still won’t be able to settle my dues with the 1-month extension. Is there another payment option that I can avail of?

A: You may send us an email request indicating your payment plan. This will be subject for approval.

Q: I don’t want to avail of the payment extension since I have the funds to settle it. Is it possible to still pay for my loans that are due?

A: Yes, do contact us via phone or email.

Q: I still want to fund my account that is linked to an auto-debit the arrangement, are there other ways for me to do this without going to a Robinsons Bank branch

A: You can transfer funds through RBank’s Online banking system.