FAQ on extending the deadline to opt out of the Grace Period Program 1
With Metrobank’s continuing support to the “Bayanihan to Heal as One Act” (Republic Act No. 11469), we are extending the deadline for you to opt out of the Grace Period Program 1 (GPP1). This gives you a chance to update missed amortizations and avoid being charged with accrued interest.
Why did I receive a notice on my loan from Metrobank?
Last March 2020, we suspended the collection of your monthly amortization in compliance with the Bayanihan Act. However, since some clients preferred to continue paying their amortizations, we offered the option to opt out of GPP1 by email or SMS. View the Grace Period Program 1 here.
Since we did not receive an email or SMS from you, you were automatically registered as an availer of GPP1. Good news is that the deadline to opt out was extended.
What is the impact of my registration to GPP1?
Your loan maturity is moved by the number of months your amortization remains unpaid. This also means that your account is subject to accrued interest as stated in the notice sent to you via email.
If you would like to pay your missed amortizations and avoid being charged with accrued interest, you may opt out of GPP1.
What does it mean to opt out of GPP1?
To Opt-Out of GPP1 means you choose not to avail of GPP1 and that you intend to update the full amount of missed amortizations. By taking this option, you will not be charged with accrued interest or penalties, and the maturity of your loan will be moved back to its original date.
What does it mean to avail of GPP1?
Availing GPP1 means you do not have to make any lump sum payments for missed amortizations because your maturity date will be moved by the number of months your amortizations remained unpaid. By taking this option, the collection of accrued interest will proceed as scheduled.
What are the payment options for missed amortizations if I opt out of GPP1?
If you opt out of GPP1, options for updating of payment is dependent on your existing mode of payment with the bank.
If your mode of payment is via Auto-Debit Arrangement (ADA), the full amount of missed amortizations shall be deducted from your account anytime within the next 10 banking days after we receive your confirmation.
If your mode of payment is via check, please submit a “dated check” amounting to the total amount of your missed amortizations to your Metrobank branch anytime within the next 10 banking days after we receive your confirmation.
What are the payment terms for accrued interest if I avail of GPP1?
If you choose to avail of GPP1, the standard payment terms depend on the type of loan:
- Car Loan–Accrued interest is payable in full upon loan maturity.
- Home Loan–Accrued interest is payable in six monthly installments, collected together with your monthly amortization, and will begin 2 months after your response. If the remaining term of your loan is less than six months, the accrued interest is divided by the number of remaining months.
Can I request a waiver of accrued interest?
The accrued interest cannot be waived because this is the interest on the portion of the principal that remained unpaid during the grace period. However, by opting out of GPP1, you may update these missed amortizations to avoid being charged accrued interest.
Do I have other payment options for accrued interest or request payment of accrued interest on a later date instead?
For special payment options, please call 88700710 from Monday to Friday 8:30am to 5:30pm. Please have the email sent to you ready before making the call so we can assist you easily.
How do I send the check payment?
Kindly send the dated check to your nearest Metrobank branch.
If I opt out of GPP1, when will my account be debited for the missed amortizations?
Debiting of the account may be made anytime within the next 10 days after your opt out confirmation.
What happens if my ADA account is not funded on the scheduled debit date?
If your account is not funded, you will automatically be registered as a GPP1 availer and accrued interest will apply.
I maintain another Metrobank account other than my ADA account. Can you debit that account instead of my ADA account?
No, we can only debit the account stated in your existing auto debit arrangement.
I have responded through the reply button in the email, can I still change my decision?
You can only respond once to the reply button in our email. Changing your decision is discouraged as this requires management’s approval. If it cannot be avoided, you may call 88700710 from Monday to Friday 8:30am to 5:30pm to file your request.
