City Savings advisory on loan payments, accrued interest during moratorium

City Savings advisory on loan payments, accrued interest during moratorium

City Savings Bank will start collecting all loan payments with due dates and all accrued interest accumulated during the moratorium period from June 1, 2020 onwards. This is according to its Bank Advisory posted on its official Facebook Page on June 8, 2020.

"Please be advised that City Savings will start collecting all loan payments with due dates from June 1, 2020 onwards," said advisory.

"The accrued interest accumulated during the moratorium period will also be collected," the advisory added.

Read the full text of the Bank Advisory from City Savings dated June 8, 2020 below:

BANK ADVISORY

June 8, 2020

To Our Valued DepEd Borrowers

City Savings Bank will start collecting all loan payments with payment due dates from June 1, 2020 onwards.

All loan payments that were temporarily suspended during the moratorium program will be rescheduled and in effect, your loan term will be extended to two (2) months.

The accrued interest accumulated during the moratorium period will also be collected. This is in line with the Bayanihan Act and its Implementing Rules and Regulations.

This will be applicable for both Autonomous and RPSU schools or offices under the jurisdiction of the Department of Education (DepEd).

Please refer to the Frequently Asked Questions (FAQ) for answers to any queries you might have.

For inquiries and concerns regarding detailed computation and payment options, you can reach us thourgh email at simpleisgood@citysavings.com.ph.

Stay safe and stay healthy.