It is a financial arrangement between the borrower (that is you) and Sumisho Motor Finance Corporation that allows the borrower to use the motorcycle while he pays the monthly installments to Sumisho.

A late payment charge is a fee that will be collected from you for non-payment on due date. This payment charge shall be avoided if you pay on time.

A due date is the day that you pay your monthly loan amortization. This is indicated in your Loan Amortization Schedule.

You can still pay through our payment channels that are open during weekends or holidays. However, it’s best to settle your monthly due beforehand to avoid any inconvenience.

The monthly amortization stated on your Loan Amortization Schedule is the amount you need to settle monthly. 

We have several payment channels to suit your need, namely: 7-11, Cebuana Lhuillier, SM, LBC, BPI, BDO, Metrobank, and other payment centers nationwide. Some of this payment channels have system processing time interval that may cause delay in payment posting.

Cash or check payments are acceptable.

Yes, however, it must be noted that post dated checks are only accepted in our Sumisho Branches and not in other payment channels.

You will receive SMS notification once payment is posted on your account Or you may inquire through Customer Service channel:

SMS: 09175567470
Viber: 09218270625
Call:  (02) 8802-6888 select 1 for Customer Related Concerns
Email customer_service@sumisho.com.ph

Customer may inquire the availability of OR/CR through our Customer Service channel:

SMS: 09175567470
Viber: 09218270625
Call:  (02) 8802-6888 select 1 for Customer Related Concerns
Email customer_service@sumisho.com.ph

A penalty charge is a 5% fee rate that shall be applied (daily) by Sumisho to your total amount due for insufficient or non-payment of your monthly amortization.

Ensure that the contact details provided on your application documents remain updated so that you’d be able to receive automated SMS messages. Notifications shall be sent several times a month to inform you of your upcoming due or if you missed your payment.

The amount reflected in the SMS is based on the balance due for the day. If payment is not made on the due date, the amount will change, based on the incurred penalty charges. 

You cannot surrender your motorcycle unit during the term of your loan.

No, your MC loan is under your name so you may not give your unit to someone else. You are accountable for your loan.

Waiving of penalty charges is subject to the review of Sumisho's Management.

The loan remains ongoing, monthly payments must be settled consistently to avoid inconveniences. You can assign a trusted relative who will take care of your loan payments. It’s also best to call Sumisho's Customer Service to inform of your present arrangement.

In support of our nation’s fight against COVID 19, we continue to provide assistance and services for our loan customers. Below is a list of Frequently Asked Questions (FAQs) to provide you a better understanding on the Grace period extension:
 

1. Who are qualified for the 30-day Grace Period program?

All Sumisho Motorcycle Loan/Top-up Clients with loan payment due dates falling on March 17 to May 31, 2020 are qualified.
 

2. Will I be charged a late payment fee?

You will NOT be charged late payment fee. Late payment fees are waived during the ECQ/MECQ period.
 

3. When do I pay? Will I pay double?

  Loan payment due dates falling under ECQ/MECQ period will automatically be extended. You will only pay the monthly due on the next due date after ECQ/MECQ period. There will be “NO DOUBLE PAYMENT” required on the next due date.

  To illustrate:

Original Payment Due Date                                       : March 17-31, 2020

Monthly Due                                                               : Php 1,000.00

Adjusted/New Payment Due Date                             : May 17-31, 2020

Monthly Due                                                                : Php 1,000.00

 

4. Will my loan maturity date change after the grace period is applied?

With the application of the ECQ/MECQ 30-day grace period, original loan term maturity date will be moved further by 1-2 months due to the adjustment or new payment schedule.

  To illustrate:

Original Maturity Dates                                              : December 17-31, 2020

Adjusted/New Maturity dates                                    : Feb 17-28, 2021

 

5. If I decide to pay during the ECQ/MECQ period, will my payment be considered advance?

Yes, it will be. You may opt to pay on the original payment due date.  
 

6. Which payment channels can I visit or use to settle my loan dues?

You may pay online thru GCash, BPI or PSBank. You can also visit any of the open branches of BDO, Metrobank, LBC, M Lhuillier, Cebuana Lhuillier or USSC service stores. You can check their respective websites/social media pages for list of operational branches.
 

7. Where do we find more information on government mandates relevant to our Motorcycle Loan?

For loan related questions on the SEC Application of the IRR of Section 4(aa) of the Bayanihan Act and Applicable IATF Resolution, you may visit this link: http://www.sec.gov.ph/faqs-2/

1. Who are covered or qualified for the Bayanihan Act 2 one-time 60-days Grace Period?

All Sumisho Motorcycle Loan/Top-up Clients with existing, current, and outstanding loans (NOT PAST DUE) with  due dates falling on September 15, 2020 until December 31, 2020 are covered by this one-time 60-day grace period.  

Loan is in current status and NOT in PAST DUE.  

2. Will I be charged with interest or penalty charges?

The interest chargeable per installment period, which is based on the outstanding balance of the loan, shall continue to accrue during the mandatory one-time 60-day grace period and shall be payable on the new date after the application of the grace period.

During the mandatory grace period, your loan will not have interest on interest, penalties, fees, and other charges for late payment or non-payment on due date. However, there will be accrued interest as provided under Memorandum No. 2020-068 dated 18 September 2020. Example: Requesting Due Date is December 10, 2020, Loan extension due will be on February 10, 2021. Accrued interest will be calculated from December 10 until February 10, 2021 and will be payable depending on the mutual agreement between the customer and Sumisho.

   

3. When do I pay?

The total remaining loan balance and accrued interest for the 60-day grace period can be paid on a staggered basis until December 31, 2020. But you may opt to pay in full the accrued interest on the new due date following the application of the 60-day grace period. Again, this will depend on the mutual agreement between the customer and Sumisho.  

4. Will my loan maturity date change after the grace period is applied?

With the application of the 60-days grace period, the original loan term maturity date will extend.

Example:           Original Maturity Date: December 17, 2020           Adjusted/New Maturity Dates: Feb. 17, 2021

  

5. What will happen to my issued PDC checks to Sumisho if I avail of the 60 day Grace period?

  You may request holding of your respective checks, should you wish to avail of the 60 day Grace period. You just need to contact our Customer Service Communication Channels at least five (5) days before your due date. If not, your checks will be presented as scheduled.    

6. If I have clarifications, where can I find more details about the Bayanihan Act 2 one time 60-day Grace Period?

You can read the complete Bayanihan Act 2 Recover as One in the official government gazette link: https://www.officialgazette.gov.ph/2020/09/11/republic-act-no-11494/.

For further details you may refer to IRR and FAQ issued by BSP and the BSP Memorandum Number M-2020-068.  


You may also contact our Customer Service at 8802-6888, Viber message at 0921-8270625, or send an SMS at 0917-5567470 for your clarifications.