What Happens If My Salary Is Insufficient to Cover for My Amortization?

Written By Security Bank ()

Updated at September 9th, 2020

If your salary is insufficient for the amortization amount, the payment will be considered “Missed” amortization. This will be deducted on the next payroll date on top of the amount due for the current cut-off PLUS an additional “late payment charge” amounting to P125 per missed payment in the duration of the loan. After loan maturity, a fixed fee of P250 will apply per month.

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