In line with the IRR of Republic Act 11469 or the Bayanihan to Heal as One Act of 2020, Your Cash monthly installment amortizations will be extended for 2 or 3 months.
The previously posted monthly amortizations where the payment due dates fall between the Enhanced Community Quarantine (ECQ) period (Mar 15-May 31) will be reversed and will be reposted according to the adjusted new end of installment term.
Monthly amortization: ₱10,000
Term of loan = 6 months
Original end of installment term : June 2020 New end of installment term: August 2020 (moved by 2 months)
Reversal of posted Monthly Installment Amortizations
Monthly installment amortization due on March 16 - ₱10,000 2/6 installment
Monthly installment amortization due on April 16 - ₱10,000 3/6 installment
Reposting of Monthly Installment Amortizations
Monthly installment amortization due on May 16 – ₱10,000 2/6 installment
Monthly installment amortization due on June 16 – ₱10,000 3/6 installment
Monthly installment amortization due on July 16 – ₱10,000 4/6 installment
The deferment of the monthly interest amortizations will have an Interest Accrual. The computation of the Interest Accrual will be based on interest portion of the monthly amortization.
Coming from the Illustration, the Interest Accrued during ECQ that will be posted in June will be
Interest Accrued for March 16 - ₱500 (monthly amortization 2/6 = interest of ₱500 + principal of ₱9,500)
Interest Accrued for April 16 – ₱450 (monthly amortization 3/6 = interest of ₱450 +principal of ₱9,550)
Despite the payment extension, the cardholder can still pay for the Your Cash monthly amortization based on the original loan amortization schedule to forego interest accrual. Payments can be safely made through the digital payment/online channels of your bank or make your payments through bancnetonline.com. For over-the-counter payments, you can visit any RCBC branch or pay at SM Payment counters or the CIS Bayad Center.