Some banks make big business in the name of Bayanihan 1 & 2

Abdul Hannan Magarang Tago

Many clients of car loan or other received this appealing text message from their financer banks in October of this pandemic year. 

“Please be advised that you are qualified to avail of the one-time- 60-day grace period under the Bayanihan to Recover as One Act (Bayanihan 2), subject to the collection of accrued interest” said a text from a certain local bank. 

The said interest ranges from half of the monthly payment (14,000 Pesos to 15,000) of those paying 27,000 to 30,000 monthly amortization.

This is why Islam abhors totally the interest for the double standard impact of such Banking system to the people. 

This has caused instead more difficulties and further increases the suffering of the community. 

At first, this appeared relief and helpful to the clients while they are still in the state of limited movement caused by the Covid-19 that eventually affected their source of income. And such two months grace period would be of great help.

The notice from the banks indicated that such act is subject to the collection of accrued interest. Here where the banks took advantage. 

Some clients tried to ask before availing the said bayanihan act how much or percentage would be the charges for the 60-days grace period.

The bank never replied saying that a client should notify his or her bank before 15 October otherwise they will be automatically considered enrolled in the Bayanihan 2 with their own condition. 

“If we fail to receive a “NO” reply on or before October 15, 2020, we will automatically apply the one-time 60-day grace period to your account” the text added. 

This December most of the clients received a call from their bank to explain and disclose the so called accrued interest that supposed to happen before given such grace period on October. 

They are charging almost 30,000 interest for two months  for those who are paying 27,000  monthly.

Instead of paying two months now you are paying three months as result of such interest. 

According to the caller client can still avail for no interest if he can pay two past dues plus the December payment, which is too difficult for many who are still under effect of the pandemic.

This should be brought to the attention of the Central Bank of the Philippines or BSP. (AHMT)

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