ADVISORY: Please be advised that SB Finance has legally implemented an increase in late payment fee of Personal Loan, OR/CR for Cash, and MotorsikLOAN amounting to PhP1,000 or 5%, whichever is higher, effective 60 days from today. Please settle your monthly amortization before your due date to avoid incurring the late payment fee and other charges. Visit www.sbfinance.com.ph/news/advisory-increase-in-fees/ for more details.
For any concerns, please call our Customer Service hotline at (+632) 8887-9188 from 8:30am to 5:30pm, Mondays to Fridays (except holidays), or email us at [email protected].
FAQs
1. What is the new penalty rate for Personal Loans, ORCR4Cash, and Motorsikloan?
Effective November 20, 2024, the penalty will increase from 3% or P500 (whichever is higher) to a new rate of 5% or P1000 (whichever is higher), applicable to both new and existing customers.
2. When does the new penalty take effect?
The new penalty structure will be implemented starting on November 20, 2024.
3. Will existing accounts be affected by the new penalty rates?
Yes, any account that is past due on or after November 20, 2024, including those booked prior to this date, will be subject to the new penalty. However, if your account is already past due prior to November 20, it will still follow the existing penalty of 3% or P500 (whichever is higher).
4. Does the penalty increase apply to both new and existing loans?
Yes, the penalty increase applies to both new loans booked starting November 20 and existing loans that become past due on or after this date.
5. How will I know if my loan is subject to the increased penalty?
If your loan payment is past due on or after November 20, 2024, the new penalty rates will automatically apply.
6. What should I do to avoid the new penalties?
To avoid penalties, ensure that your loan payments are made on or before the due date. Regular payments can help prevent any charges resulting from the penalty increase.
7. Will my account be penalized if I am past due before November 20, 2024?
Any past due account before November 20, 2024, will follow the old penalty rates. However, if the past due period continues beyond November 20, the new penalty rates will apply.
8. Is there any grace period for this change?
There is no grace period. All past due amounts starting November 20, 2024, will be subject to the new penalty rates.
9. Why is the penalty being increased?
The penalty increase is part of an updated loan policy designed to promote timely payments and support the long-term financial stability of the lending services.
10. If a customer has a late payment fee for October (PhP500) and pays late again for November, will the late payment fee of PhP1,000 accumulate with the previous late payment?
No, the PhP500 late payment fee for October will remain unchanged. If the customer is late again in November, the new penalty of PhP1,000 (effective November 20, 2024) will only apply to the November payment. The two fees will not be combined, but both must be paid separately.
11. What if a customer partially pays their overdue amount before November 20, 2024, and the rest afterward?
If a customer makes a partial payment on their overdue balance before November 20, 2024, the current penalty rate of 3% or PhP500 (whichever is higher) will apply to that portion. Any remaining balance paid after November 20 will be subject to the updated penalty rate of 5% or PhP1,000 (whichever is higher).
12. Which penalty rate applies if a customer’s account is current before November 20, 2024, but becomes overdue afterward?
If the account is current prior to November 20, 2024, but becomes overdue after that date, the new penalty rate of 5% or PhP1,000 (whichever is higher) will apply from the date the account becomes overdue.
13. How will the new penalty affect automatic or scheduled payments set up before November 20, 2024?
Automatic or scheduled payments set up before November 20, 2024, will proceed as planned. However, if the payment doesn’t cover the full overdue amount, and a balance remains unpaid after November 20, the new penalty rate will be applied to the remaining past-due balance.