City Savings Bank answers frequently asked questions of teachers about loan payment as they implement moratorium of loan payment in line with the Bayanihan Heal As One Act.
Here are 6 questions clearly answered by City Savings for your guidance.
1. Will I receive a refund since my loan payment in April has already been deducted from my payslip?
Answer: Yes, the loan payment deducted from your April payslip will be refunded to you by DepEd.
2. Who will I need to coordinate with if I haven’t received my refund?
Answer: You can directly coordinate with your Division office/School to ask about your loan payment refund.
3. What happens to my loan maturity date now?
Answer: The termination date of your loan shall be automatically extended in DepED’s payroll program for another month.Example:
Original Termination Date: April 2023
New Termination Date: May 2023
4. Will I incur penalties and other charges since there’s no payment made in April?
Answer: We will waive all penalties and other charges for your undeducted loan payment in April.
5. What if I still want to pay my loan amortization in April?
Answer: You can pay over the counter at any of our accredited collection channels:
* City Savings Bank branches * M.Lhuillier Kwarta Padala branches
* PeraHub branches * UnionBank of the Philippines branches
6. Where can I learn more about the loan payment extension?
Answer: You can follow our official Facebook page at facebook.com/citysavingsbankofficial or visit our official website at citysavings.com.ph for real-time updates. You may also reach us at 0917-8SIMPLE (0917-8746753)
(Also read: DepEd releases Clarification on GSIS Concerns about Loan Payment Moratorium)
Read also their bank advisory below: