Loan Extra Care
What services does Loan Extra Care provide?
Loan Extra Care offers four services which will help you manage your installments with ease!
Partial Early Repayment is one of the services of Loan Extra Care that allows you to pay more than the fixed monthly dues and thereby shorten the loan period. The minimum amount of the extra payment is at least a total of two (2) monthly installments on top of the regular monthly installment amount. For example, if your monthly installment is ₱2,000, your minimum early repayment amount is ₱4,000, so your total payment needs to be ₱6,000.
Full Early Repayment allows you to pay your remaining balance in full. And no worries, no future interest will be charged, only the remaining loan amount including Home Credit Protect fee.
- You won’t be able to avail the Gift Payment promo once you use the Full Early Repayment benefit.
- You can still avail the Gift Payment promo for Partial Repayment since the loan term will only be shortened.
- You can avail the Full or Partial Early Repayment through any Home Credit payment channel.
Here is a sample computation if you avail a cash loan for 24 months, and requested for Full Early Payment with nine (9) remaining months to pay
Loan Term: 24 months and availed change of due date service
With this benefit, you can postpone your scheduled due date by 1 month, so you have additional time to pay your monthly installment. You can avail this when you:
- have fully paid at least two (2) monthly installments
- have no late payments
- have at least three (3) remaining installments
For the Payment Holiday, you can apply twice every 12 months during the entire duration of the loan. The first activation is allowed after you repay at least two (2) monthly installments. While the second activation is allowed after you pay at least three (3) monthly installments from the date of the last activation.
Here is a sample illustration of the payment schedule after applying for the first and second activation of the Payment Holiday benefit.
Loan Term: 9 months and availed 2 Payment Holiday Service
Loan Extra Care allows you to change your loan's due date when needed. For example, when you face:
- Change of salary dates
- Schedule of remittance
- Need for better monthly budget management
- Any other reason that may affect your timely payment
You can apply for a change of due date twice every 12 months during the entire duration of your loan. The first activation will only be allowed once you repay at least the first installment.
For the second due date change, you must pay at least three (3) monthly installments from the time you last used this service.
You can check the illustration below on how you can activate your new due dates:
The new due date should not be more than 30 days from the original due date and must fall into the interval between 1st and 29th of the month.
How much does Loan Extra Care Plan cost?
Home Credit’s Loan Extra Care fee is ₱49 per month for product loan and ₱79 per month for cash loan. For an average product loan amount of ₱14,000 for 12 months, your total fee will be ₱588. For an average cash loan amount of ₱40,000 for 30 months, your total fee will be ₱2,370.
How to avail Loan Extra Care Services?
Follow these 3 easy steps to avail of this service!
Provide your personal and loan information:
- Loan Account Number
- Full Name
- Date of Birth
- Last 4 digits of your Mobile Number
- Email Address
- The Home Credit Customer Service Representative will verify if the request is valid for any of the Loan Extra Care services.
Ready to pick the best Loan Extra Care service for you? A Home Credit Customer Service representative will assist you with how to activate your preferred service.
You can only avail 1 Loan Extra Care service at a time.
How can I cancel the Protection?
You can cancel the coverage anytime within the loan period by calling Home Credit Customer Service ((02) 7753 5711). If you cancel five (5) days or less before the due date, Loan Extra Care will still be included in the monthly payment and will be removed only on the next monthly payment.
To give you an idea about the coverage cancellation, below is a sample illustration.
Home Credit Philippines is regulated by the Bangko Sentral ng Pilipinas with contact number (+632) 8708-7087 and with email address firstname.lastname@example.org, and webchat at www.bsp.gov.ph.