How does the grace period for Salmon Product Loan work?
You may have a grace period benefit that comes with your Salmon Product Loan. This benefit gives you time to repay your Product Loan with 0% interest and 0% monthly service fee, as long as you pay the full amount shown for the grace period before the end date.
What is a grace period?
With this benefit, you can fully repay your Product Loan with 0% interest and 0% monthly service fee.
It applies only if your Product Loan already included this benefit when it was approved and released. Salmon cannot add the benefit later.
Please take note: You must still pay your monthly amount due on time. Paying your monthly amount due helps keep your loan updated, but it does not automatically mean you will keep the grace period benefit. If your Product Loan becomes overdue, even by 1 day, the grace period benefit ends. |
| What this means | Details |
|---|---|
| You can keep 0% interest | Pay the full grace period amount before the grace period end date |
| You can keep 0% monthly service fee | Keep your Product Loan updated and pay the full grace period amount on time |
| You must pay Monthly amount due | This helps you avoid overdue status |
| You must also pay Full grace period amount | This is the amount you need to pay to keep the grace period benefit |
To keep the grace period benefit, make sure you:
|
The grace period for Product Loan is different from the grace period for Credit Line. Their grace periods work differently.
What amount should I repay?
To keep the benefit, pay the full grace period amount before the grace period end date. This amount may not be the same as your monthly amount due.
Example
Let’s say you have a Product Loan for 12 months with a 6-month grace period. Your Financed amount is ₱10,000, and your Processing fee is ₱1,200. This means your loan amount is ₱11,200.
Please take note:
|
| Item | Amount |
|---|---|
| Financed amount | ₱10,000 |
| Processing fee | ₱10,000 × 12% = ₱1,200 |
| Loan amount | ₱11,200 |
In this example, the Processing fee is 12% of the Financed amount.
Please take note: This is only an example. Your amount, monthly amount due, processing fee, and grace period length may be different. Always check the Salmon app and your loan agreement for your actual details. |
If your monthly amount due is ₱1,550 and you pay it for 6 months, the total is:
| Monthly amount due | Months | Total paid |
|---|---|---|
| ₱1,550 | 6 | ₱9,300 |
You still need to pay ₱1,900 before the grace period end date to complete the full grace period amount of ₱11,200. In your loan agreement, this may be shown as the loan amount. |
Please take note: This is only an example. Your amount, monthly amount due, processing fee, and grace period length may be different. Always check the Salmon app and your loan agreement for your actual details. |
Where can I check the amount to pay and the deadline?
Before you pay, always check the latest amount shown for your Product Loan.
Open the Salmon app
Choose your Product Loan
Tap Go to payment
Check the amount shown for the grace period
You can also check your loan agreement for your grace period details. The grace period end date is the deadline to pay the full amount and keep the 0% benefit.
Example of a disclosure statement
For a Product Loan with a 12-month term (1 April 2026 - 1 April 2027), and a grace period of 6 months
How can I repay within the grace period?
Once you’ve checked your full grace period amount and grace period end date, choose one of these repayment options.
Option 1: Pay the full grace period amount before the end date
You can split the full amount into equal payments or make 1 full payment before the grace period ends.
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 |
|---|---|---|---|---|---|
| ₱1,867 | ₱1,867 | ₱1,867 | ₱1,867 | ₱1,867 | ₱1,865 |
| Total paid after 6 months: ₱11,200, paid in full at 0% | |||||
Option 2: Pay your monthly amount due, then pay the remaining amount
Pay your monthly amount due on time, then pay the remaining grace period amount before the end date.
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Before end date |
|---|---|---|---|---|---|
| ₱1,550 | ₱1,550 | ₱1,550 | ₱1,550 | ₱1,550 | ₱3,450 |
| Total paid after 6 months: ₱11,200, paid in full at 0% | |||||
Option 3: Pay the full remaining amount earlier
Pay the full remaining amount earlier if you’re able to.
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 |
|---|---|---|---|---|---|
| ₱1,550 | ₱1,550 | ₱8,100 | No payment | No payment | No payment |
| Total paid when you fully repay the loan in the third month: ₱11,200, paid in full early at 0% | |||||
How to pay during your grace period: step-by-step
Open the Salmon app and choose your Product Loan. Then, tap Go to payment.
Choose the amount shown for the grace period. In some app versions, this may appear as No interest payment.
Before your grace period ends, tap the repayment button in the app to complete your payment
What happens if I lose the grace period benefit?
Remember: If your Product Loan becomes overdue, even by 1 day, the grace period benefit ends Your Product Loan will continue under its regular terms. However, you may need to pay interest, monthly service fee, and other charges according to your loan agreement. |
If the grace period benefit ends, your Product Loan will continue under its regular terms. You can still check your Product Loan details and payment amount in the Salmon app.
Here’s an example of a regular payment schedule for a Product Loan for 12 months.
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 |
|---|---|---|---|---|---|
| ₱1,593 | ₱1,593 | ₱1,593 | ₱1,593 | ₱1,593 | ₱1,593 |
| Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 |
|---|---|---|---|---|---|
| ₱1,593 | ₱1,593 | ₱1,593 | ₱1,593 | ₱1,593 | ₱1,593 |
| Example total paid over 12 months: ₱19,121, including interest and monthly service fee | |||||
The grace period benefit is available only for eligible Product Loan offers. The exact conditions, including grace period duration, loan terms, and processing fee, depend on the specific store where you apply.
Check your loan agreement or ask the Salmon partner store staff before you apply to confirm whether your Product Loan has a grace period.
Please take note: The grace period benefit applies only if you pay the full grace period amount before the grace period end date and make all scheduled monthly payments on time. Exact fees, interest rates, and terms are specified in your loan agreement. LoanOnline, powered by the Salmon app, serves as the online lending platform for Sunprime Finance, Inc. (SEC Reg. No. CS201916698, C.A. No. 1241). Salmon Bank (Rural Bank) Inc. is regulated by the Bangko Sentral ng Pilipinas.
You must pay for the Extra Care Package (ECP) separately. These payments do not reduce the amount you need to fully repay your Product Loan.
The Extra Care Package (ECP) does not extend your grace period or change your grace period end date.
