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Loan and Credit Card Payment Extension (Updated for Bayanihan 2)

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The Bayanihan to Recover as One Act or Bayanihan 2 is the law covering the one-time 60-day payment extension offer by Financial Institutions to all loans that are existing and outstanding upon effectivity of the law. This is applicable to customers nationwide.

This is a one-time 60-day payment extension offer for all qualified loan amortizations from September 15, 2020 to December 31, 2020.

Only customers with loans availed prior to September 15, 2020 and in current status as of September 14, 2020 are qualified for the offer.

FAQs for Loans
FAQS for Credit Cards

Frequently Asked Questions for Loans (Bayanihan 2)

  1. What is the Bayanihan To Recover sa One Act or Bayanihan 2? The Bayanihan to Recover as One Act or Bayanihan 2 is the law covering the one-time 60-day payment extension offer by Financial Institutions to all loans that are existing and outstanding upon effectivity of the law. Loan interest during the payment extension or accrued interest still applies. For loan extension availments on October onwards, accrued interest shall be paid in full on their December due date or next due date. For more information, here’s the official document from BSP: http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m074.pdf and http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m068.pdf
  2. Is this applicable to all customers nationwide? This is applicable to customers nationwide.
  3. How long is the payment extension? This is a one-time 60-day payment extension offer for all qualified loan amortizations from September 15, 2020 to December 31, 2020.
  4. Who are qualified to avail of the payment extension offer? Only customers with loans availed prior to September 15, 2020 and in current status as of September 14, 2020 are qualified for the offer.
  5. What products are covered? The following products are covered:
    • Auto Loan
    • Business Mortgage Loan
    • Business Express Loan
    • Home Loan
    • Personal Loan
    • Doctor’s Loan
  6. What about Salary Advance Loans (SALAD)? A payment extension offer for Salary Advance (SALAD) is also available. For full details: https://www.securitybank.com/blog/salad-payment-extension/
  7. Will my loan incur interest during the payment extension given? In accordance with the Bayanihan 2 Act, loan interest during the loan extension period or accrued interest still applies. You can check out our accrued interest calculator here https://www.securitybank.com/accrued-interest-calculator/ for an approximation of your accrued interest.
  8. When will I have to pay for the loan interest incurred during payment extension or the accrued interest? How do I pay for it? Accrued interest for the 60-day payment extension will be collected staggered or one time in full on your December due date. We will accept payments made via PDC or via debit to your Security Bank Account.How much do I need to pay?
    For an estimate of your accrued interest please check out: https://www.securitybank.com/accrued-interest-calculator/You can pay for your accrued interest via the following channels:

     

    • If your mode of payment is PDC, kindly send your PDCs to the following:
      Head Office Please send your PDCs to:

       

      For Personal Loans, #849 Keyland Arnaiz, Arnaiz Avenue, Makati City
      For Auto Loan, Home Loan, Small Business Loans: 3rd Floor, Keyland Ayala, 6797 Ayala Avenue, Makati City

      With the following information:

      Borrower Name:
      Borrower Contact Number
      Loan Type:
      Promissory Note Number
      Nature of Payment: payment for Bayanihan 2 Accrued interest

      Branch You can also bring your PDCs to the nearest branch with the following information:

       

      Borrower Name:
      Borrower Contact Number
      Loan Type
      Promissory Note Number
      Nature of Payment: payment for Bayanihan 2 Accrued interest

    • If ADA, kindly fill out the Opt-In Webform https://www.securitybank.com/payment-extension-form/ and indicate confirmation that bank can debit their account on due date.
  9. What is the effect of the payment extension on my loan if I opt in or avail of the payment extension? If you avail of the payment extension, all qualified amortization periods will be extended by 60 days. Your loan maturity will also be moved by 60 days.
  10. Will my loan maturity be extended if I avail of the 60 day payment extension? Yes, your loan maturity date will be extended. If you avail of the payment extension 5 banking days prior to your October due date, your due date in October will be moved by 60 days. This means, you will resume paying your amortization for the covered period beginning December 2020 onwards. Your loan maturity will also be moved by 60 days.Loan interest during the payment extension or accrued interest still applies and will be one time in full on your next due date.To illustrate:
    Due Date: every 20th of the month
    Breakdown of Monthly Amortization
    Principal: PHP 9,500
    Interest for 1 month: 500
    Monthly Amortization: PHP 10,000

     

    In this scenario, your:

    Accrued interest for 2 months is P1,000
    Original due date of October 20, 2020 will move to December 20, 2020
    Original maturity date of October 20, 2024 will move to December 20, 2024

    Here’s the breakdown if you will avail of the payment extension in October, with one-time payment in December of accrued interest:

    Due Date Accrued Interest Total Due Remarks
    October 20, 2020 10,000 60 days payment extension starting with October due date
    November 20, 2020 10,000 60 days payment extension starting with October due date
    December 20, 2020 1,000 11,000 New due date, regular amortization plus 60 days accrued interest
    January 20, 2021 10,000 Regular amortization
    February 20, 2021 10,000 Regular amortization

    Here’s the breakdown if you will avail of the payment extension in November, with one-time payment in January 2021 of accrued interest:

    Due Date Accrued Interest Total Due Remarks
    November 20, 2020 10,000 60 days payment extension starting with November due date
    December 20, 2020 10,000 60 days payment extension starting with November due date
    January 20, 2021 1,000 11,000 New due date, regular amortization plus 60 days accrued interest
    February 20, 2021 10,000 Regular amortization

    *Note: For illustration purposes only. Amount to be paid only indicates amortization and accrued interest from availment of the Bayanihan 2 payment extension. Accrued interest incurred from availment of the Bayanihan 1 payment extension is still due and will need to be paid as agreed.

    For accounts on PDC mode of payment, you will need to submit additional 2 months PDCs as payment for the extended loan maturity.

    For accounts on auto-debit arrangement, we will continue to debit your nominated account for the additional months.

  11. I want to avail of the payment extension what should I do? You may avail of the 60-day payment extension by completing our availment form at least 5 banking days before your due date. For requests less than 5 banking days before your nearest due date, payment extension will be applied on your next month’s due date. Begin here: https://www.securitybank.com/accrued-interest-calculator/
  12. When must I request to avail of the payment extension? When will my Opt In request be applied on my loan? You must file your request via the webform at least 5 working days before your next due date. This gives us enough time to ensure your scheduled auto debit arrangement (ADA) or post dated check (PDC) will be suspended.
  13. I requested to OPT IN 2 working days before my due date, what will happened to my request? If your request is filed less than 5 working days before your due date, then the payment extension will be applied to your succeeding due date. Your scheduled ADA or PDC will be posted as scheduled, please ensure these will be funded.
  14. I don’t want to avail do I have to do anything? You don’t need to do anything else we will continue to collect your loan as per original schedule.Kindly ensure ADA and PDCs are funded on your due dates from September to December 2020 in accordance with your original payment schedule.
  15. I still can’t settle my dues with the 60 days grace extension. Is there any other payment option which I can avail For payment requests outside of the mandatory payment extension, kindly click this link https://www.securitybank.com/loan-restructuring-request-form/ for your concern. All such requests shall be treated on a case to case basis.
  16. Will post-dated checks go through for loan payments? We will continue to deposit your post-dated checks as scheduled for your loan payments unless you opt in or request to avail of the 60-day payment extension.
  17. What happens if I have auto debit set up? We will continue to honor our auto-debit arrangement set up for your loan payments unless you opt in or request to avail of the 60-day payment extension.
  18. What happens if I fail to pay my amortization on my due date but did not submit a payment extension request? As long as your loan account is qualified, no payment on your due date will be considered an automatic availment of the one time 60-day loan extension period.
  19. Are Corporate Salary Loans covered in this offer? Yes, Corporate Salary Loans are also included in this offer. We will reach out to each company’s respective HR Officer. If you are a Corporate Salary Loan borrower, kindly contact your HR Contact Person to avail of the 60-day payment extension.
  20. For Corporate Salary loan, when will I have to pay for the loan interest incurred during payment extension or the accrued interest? How do I pay for it? Accrued interest for the 60-day payment extension will be collected staggered until December 31, 2020. You can also pay for it one time in full on your December due date. We will accept payments made via PDC or via an email confirmation to debit your account.How much do I need to pay?
    For an estimate of your accrued interest please check out: https://www.securitybank.com/accrued-interest-calculator/Accrued interest will be billed and collected together with your monthly amortization.
  21. I have a Corporate Salary Loan and I want to avail of the payment extension what should I do? If you have a payroll account with the bank and your Corporate Salary Loan is on an auto debit arrangement, you may avail of the 60-day payment extension by completing our payment extension availment form. Begin here: https://www.securitybank.com/accrued-interest-calculator/If you have a salary deduction mode of payment with your accredited company, you may avail of the 60-day payment extension by coordinating with your HR Contact person on or before October 31, 2020.Only requests filed before October 31, 2020 will be processed for the payment extension.
  22. I have a Corporate Salary Loan, I don’t want to avail do I have to do anything? If we receive no feedback or advise that you will avail of the 60 day payment extension from you or your HR Contact person, we will continue to collect your loan as per original schedule.For those on automatic debit arrangement, kindly ensure your account is funded on your due dates from September to December 2020 in accordance with your original payment schedule.
  23. I still want to fund my account linked to an auto-debit arrangement (ADA) or Post-Dated Check mode of payment are there other ways for me to do it without going to a Security Bank branch? You may fund your Security bank using the options below. Although funds are supposed to be credited in real time for both methods, we still advise you to perform transactions at least l>one working day before your expected date of crediting to avoid any inconvenience.
    1. Fund Transfer via Instapay or PesoNet – When sending, select Security Bank and make sure to input the correct account number, account name, and amount. Applicable transfer fees may apply.
    2. Fund Transfer via Digital Wallets such as GCash and PayMaya -The Send Money to Bank Account feature lets you transfer money from your digital wallet to Security Bank.

    Check out the following websites for more details
    For GCash https://www.gcash.com/
    For PayMaya https://www.paymaya.com/support/transactions-help/send-and-receive- money/send-to-banks-and-e-wallets for more details.

Frequently Asked Questions for Credit Cards (Bayanihan 2)

  1. Who are Eligible for the one-time 60-day payment extension?
    Cardholders nationwide whose accounts are current (not past due) and with payment due dates falling within the period of September 15, 2020 to December 31, 2020.
  2. Will the previous month due be billed together with the new monthly statement due?
    The Total Amount Due by the next statement cycle shall be composed of the previous balance and current which include new transactions or usages (if any) during the cycle. The Minimum Amount Due is computed based on the new transactions during the cycle.
  3. What will happen to my fees?
    Interests, penalties, fees and other charges will not be billed during the one-time 60-day mandatory payment extension.

    • Transactors – Cardholders who settled their Total Amount Due in full for the past months and fully settled their Total Amount Due on or before the extended due date shall not incur interest during the one-time 60-day mandatory payment extension.
    • Revolvers – Cardholders who partially settle their Total Amount Due will continue to accrue but will be payable on the next due date. After the one-time 60-day mandatory payment extension, the accrued interest shall be applied from the date of last actual payment. If such interest or Finance charges are applied during the one-time 60-day mandatory payment extension, cardholder may contact the customer service hotline via email at [email protected] or call (02) 8887-9188 from 8am to 5pm.
  4. There are “BAYANIHAN 2 GRACE PERIOD” and “BAYANIHAN 2 1/1” entries on my statement. What are these?
    In connection with the payment extension, entries like “BAYANIHAN 2 GRACE PERIOD” and “BAYANIHAN 2 1/1” may appear on your statement of account. These entries are intended to avoid interest on interest, and unnecessary penalties to be charged to your account.
  5. How will I know what my Outstanding Balance is?
    Cardholders can obtain their latest Balances via SMS. Visit https://www.securitybank.com/blog/sms-card-services/ to learn more.

    • Outstanding Balance:
      SB[space]OB[space]last 4 digits of your card number and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
    • Total Amount Due / Minimum Amount Due:
      SB[space]TADMAD[space]last 4 digits of your card number and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
    • Available Credit Limit
      SB[space]ACL[space]last 4 digits of your card number and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
  6. If I do not have enough funds to settle my balance, can I still be granted another extension beyond the one-time 60-day mandatory payment extension Cardholders may avail of our Balance Convert facility wherein the balance can be settled on installment basis. To request, visit https://www.securitybank.com/personal/credit-cards/installment-and-payments/balance-convert/.
  7. Where can I settle my balance?Cardholders may settle at any of the following payment centers:
    • Security Bank branches (Complete list of open branches: https://www.securitybank.com/list-of-open-branches/)
    • Security Bank Online (upon enrollment)
    • Other Banks’ online banking (upon enrollment) – Unionbank – Metrobank – PNB – BPI
    • Bancnet ATMs
    • SM Business Services
    • Megalink
    • 711
    • RD Pawnshop
    • CVM
    • Gemmary Pawnshop

    For more details, visit https://www.securitybank.com/personal/credit-cards/payment-centers/

  8. I’m enrolled to auto debit facility. Will you continue to debit my account during the one-time 60-day mandatory payment extension?
    We will be reaching out to you to confirm your payment instruction. If no response is received by October 9, 2020, we will apply the payment extension in your next statement of account and your auto debit arrangement will be put on hold. Should you wish to continue with your auto debit arrangement, you may also email us at [email protected] or call (02) 8887-9188 from 8am to 5pm.
  9. Will the grace period affect my available credit limit?
    Available credit limit will not be affected as the transactions remain committed.
  10. I don’t want to avail of the payment extension. How do I inform SBC?
    You may request to opt-out of the one-time 60-day payment extension via email at [email protected] or call (02) 8887-9188 from 8am to 5pm.You may also just pay your Total Amount Due plus all credit (CR) entries labeled “Bayanihan 2” found in your Statement of Account.
  11. My account was past due but I have settled my outstanding balance from September 15, 2020 – December 31, 2020. Can I avail of the one-time 60-day mandatory payment extension?
    If the account is current (not past due) on September 15, 2020, it is automatically included in the one-time 60-day mandatory payment extension. Credit card transactions made prior to September 15, 2020 shall be covered by the payment extension. Meanwhile, credit card transactions made on or after September 15, 2020 shall no longer be covered by the payment extension and shall continue to incur interest or finance charges if not fully paid on or before its original due date.
  12. I have already paid my latest credit card dues but the due date is covered in the Bayanihan 2. Can I still avail of the one-time 60-day mandatory payment extension?
    Yes, you may still avail of the one-time 60-day mandatory payment extension. The payment extension will be applied in your next statement. You may contact us via email at [email protected] or call (02) 8887-9188 from 8am to 5pm.
Archived: FAQs (Bayanihan 1, March to May)
Security Bank’s priority is the protection, security, and welfare of our employees and clients. That’s why, in light of the Luzon-wide Enhanced COVID-19 Quarantine, we’re extending payment due dates for Credit Cards and Loans.
In compliance with the Bayanihan Act, all customers with a Credit Card, Home Loan, Personal Loan, Auto Loan, Business Mortgage Loan, or Business Express Loan whose loans with ORIGINAL payment due dates that fall within the government-mandated Community Quarantine (ECQ, MECQ) period from March 17 to May 31, 2020 are granted a loan payment extension.
Upon lifting of the ECQ/MECQ period in the entire country on June 1, 2020, collection of payments for loans and credit cards will resume.
You can still opt to pay through Security Bank Online Banking, branches, and payment partners (for cards).
Frequently Asked Questions (LOANS)
  1. Is this applicable only to Luzon-based customers or is it Nationwide? This applies to customers nationwide.
  2. How long is the payment extension for loans? We’re extending payment due dates as follows:
    • March 17 to March 31 – extended by 90 days
    • April 1 to April 30 – extended by 60 days
    • May 1 to May 31 – extended by 30 days
    To illustrate:
    Original Due Date: March 17, 2020
    Due dates covered by the payment extension: March 17, 2020, April 17, 2020, May 17, 2020
    Next due date: June 17, 2020
  3. Who are qualified for the payment extension offer? All loan customers with payment due dates from March 17 to May 31, 2020 are covered by the payment extension.
  4. Which loan products are covered? The following products are covered by this offer: Home Loans, Personal Loans, Auto Loans, Business Mortgage Loan and Business Express Loan.
  5. What about SALAD? We’re also extending the payment due date of SALAD. For full details, click here.
  6. What about Corporate Salary Loans? For Corporate Salary Loans, we will reach out to each company’s respective HR Officer.
  7. Will my loan payment be doubled the following payment date? No, your loan payment will not be doubled as we will extend the maturity of the loan. You may need to submit another check or adjust your auto debit arrangement to cover for the extended maturity date.
  8. Will I be charged a late fee? No, you will not be charged a late fee. If somehow a late payment fee appears on your account, it will be waived.
  9. Will there be additional charges since my loan is extended? We will not be charging interest on interest, late penalty fees nor any other charges.
  10. Will my loan incur interest during the payment extension or grace period given? In accordance with the Bayanihan to Heal as One Act, loan interest during the loan extension period or accrued interest still applies.
  11. When will I have to pay for the loan interest incurred during the payment extension or the accrued interest? Payment will be collected on your new due date along with your one month amortization. You have the option to pay this in full or installment over the remaining life of your loan. We will accept payments made via PDC or via an email confirmation to debit your account.
  12. I don’t want to avail of the payment extension, what should I do? I have funds now to pay for my loan due.
    During ECQ and MECQ, all loan clients who wished to continue paying for their loan were given the opportunity to OPT OUT of the loan payment extension until May 31, 2020.

    We are extending this until your June due date with a limited time offer. Customers who still wish to opt out of the mandatory payment extension and who prefer to pay their loan as scheduled can have their accrued interest waived. If you avail of this offer, we will debit your account or deposit your Post Dated Checks as scheduled at this time. Your loan maturity will not be extended and no loan interest during payment extension or accrued interest will be incurred.

    Offer is valid only until your new due date in June. Click this link to avail: https://www.securitybank.com/waive-interest-form/

  13. I still can’t settle my dues with the 1-month payment extension. Is there any other payment option which I can avail? For payment requests outside of the mandatory payment extension, kindly click this link https://www.securitybank.com/contact-us-form-for-loans/ for your concern. All such requests shall be treated on a case to case basis.
  14. Will post-dated checks go through for loan payments? All PDCs for loans dated March 19, 2020 to May 31, 2020 will be held. Posting of checks will resume on your next due date. Since loan maturity will be extended, you may be requested to issue a new post-dated check for that extended month.
    Starting June 1, 2020, collection of payments will resume, and your PDCs will be deposited as scheduled on your due date.
  15. What happens if I have an auto-debit set up? All auto-debit arrangements scheduled from March 25, 2020 to May 31, 2020 were temporarily lifted.
    Starting June 1, 2020, collection of payments will resume, and your nominated account will be debited as scheduled on your due date.
  16. I still want to fund my account linked to an auto-debit arrangement (ADA) are there other ways for me to do it without going to a Security Bank branch? You may fund your Security bank using the options below. Although funds are supposed to be credited in real-time for both methods, we still advise you to perform transactions at least one working day before your expected date of crediting to avoid any inconvenience.
    1. Fund Transfer via Instapay or PesoNnet – When sending, select Security Bank and make sure to input the correct account number, account name, and amount. Applicable transfer fees may apply.
    2. Fund Transfer via Digital Wallets such as GCash and PayMaya –The Send Money to Bank Account feature lets you transfer money from your digital wallet to Security Bank. Check out the following websites for more details: GCash and Paymaya
Frequently Asked Questions (CREDIT CARDS)
  1. Who are Eligible for payment extension? Cardholders nationwide whose accounts are current and with payment due dates falling within the period of March 17 to May 31, 2020. Also eligible are cardholders with past due accounts from April 2020 onwards.
  2. Will the previous month due be billed together with the new monthly statement due? The Total Outstanding Balance by the next statement cycle shall be composed of the previous balance and current which include new transactions or usages (if any) during the cycle. The Minimum Payment due is computed based on the new Outstanding Balance.
  3. What fees will be waived?
    Late Payment and Overlimit Fees billed within the Enhanced Quarantine Period are automatically waived.
    Interest / Finance Charge
    Transactors – Cardholders who settled their Total Amount Due in full for the past months and fully settled their Total Amount Due on or before the extended due date shall not incur interest or Finance charges.
    Revolvers – Cardholders who partially settle their Total amount due shall not be billed interest or Finance charges during the Enhanced Community Quarantine but these will be accrued. Post ECQ, the accrued interest or Finance charge shall be applied from the date of last actual payment.
    If such interest or Finance charges are applied during the ECQ period, cardholder may contact the customer service hotline or send an email to the customer care mailbox to request for reversal.
  4. There are Payment Extension and Balance Suspension entries on my statement. What are these? In connection with the payment extension, following entries may appear on your statement of account. These entries are intended so no additional interest will be applied on applicable interest charges and to avoid unnecessary penalties to be charged to your account.
    • Balance Suspension
    • Payment Extension
    • Interest Charges
    • Reversal of Interest Charges
    For more info, please see our updated FAQs here: bit.ly/SBCPayExt2020
  5. How will I know what my Outstanding Balance is? Cardholders can obtain their Outstanding Balance via…
    SMS
    Outstanding balance:
    Type SB OB and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
    Total Amount Due / Minimum Amount Due:
    Type SB TADMAD and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.

    SBC Website
    https://www.securitybank.com/blog/sms-card-services/

  6. Where can I settle my balance? Cardholders may settle at any of the following payment centers:

    • Security Bank branches (Complete list of open branches: https://www.facebook.com/notes/security-bank/list-of-open-branches-in-luzon-during-enhanced-community-quarantine/2976711285725403)
    • Security Bank Online (upon enrollment)
    • Other Banks’ online banking (upon enrollment)
    – Unionbank
    – Metrobank
    – PNB
    – BPI
    – Bancnet ATMs
    – Megalink
    – 711
    – RD Pawnshop
    – CVM
    – Gemmary Pawnshop

  7. If the government extends the Enhanced Community Quarantine period, will the bank extend the due date or grace period? The Bank will adhere to any extension or grace period mandated by the government in relation to the Bayanihan to Heal as One Act.
We will update this note as the situation develops.

For more information on branch operations and live updates regarding open branches >> https://www.facebook.com/notes/security-bank/banking-advisory-enhanced-quarantine/2976711285725403/

Thank you and stay safe.

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