FAQs on Accrued Interest for Selected Accounts

As of January 8, 2022:

With Metrobank’s continued support for the “Bayanihan to Heal as One Act” (Republic Act No. 11469), we are waiving the collection of accrued interest from our valued clients who did not opt out of the Grace Period Program 1 (GPP1) subject to terms and conditions.

1. 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.

2. What is the impact of my registration to GPP1?

Your loan maturity was moved by the number of months your amortization remained unpaid, resulting from the suspension of collection in March 2020. This means that your account is subject to accrued interest.

3. What is the financial impact of my registration to GPP1?

No financial impact because of the following:

• Availing GPP1 means you do not have to make any lump sum payments for missed amortizations, because your maturity date was moved by the number of months your amortizations remained unpaid.
• Since we value your relationship with Metrobank, the accrued interest from your GPP1 registration will not be collected if you maintain your account as current by paying your monthly amortization on time up to the maturity date of your loan.

4. What happens if I fully pay my loan prior to maturity?

Accrued interest shall be applied and will be added to the total amount for full payment.

5. If I decide to terminate or fully pay my loan prior to maturity, 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. As the lender, the Bank is entitled to collect this, but it is willing to forego this as additional support to the Bayanihan Act, if the loan is not pre-terminated/fully paid prior to maturity.