Unforeseen expenses can ruin budgets, especially with the rising prices of goods and services.
For those who are strapped for cash, one source of emergency funds is loans. For Pag-IBIG members, the government's savings vehicle offers a multi-purpose loan program for immediate financial needs such as medical bills and house repairs.
Here's everything you need to know about the Pag-IBIG Fund Multi-Purpose Loan:
What is the Pag-IBIG Fund Multi-Purpose Loan?
The Pag-IBIG Fund Multi-Purpose Loan is a cash loan program designed to help members with immediate financial needs.
The loan can be used for different purposes such as emergency expenses, utility bills, capital for a small business, tuition and other education-related expenses, special events, vacation and travel, and home repairs among others.
How much can I borrow?
Pag-IBIG members can borrow up to 80% of their Pag-IBIG Regular Savings. The loan can be processed in as fast as two days.
This means that members with higher PAG-IBIG savings can borrow more.
How much is the interest rate?
The Pag-IBIG Fund Multi-Purpose Loan has an interest rate of 10.5% per year. The loan is payable within three years or 36 months and comes with a deferred first payment.
Members can also choose to pay off their loans in two years or 24 months.
How do I qualify for the loan program?
To qualify, you must meet the following criteria:
- At least 24 monthly membership savings under the Pag-IBIG Regular Savings program
- Active membership, by having at least one monthly membership savings within the last six months prior to the date of loan application
- If with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default
- Have proof of income
What are the requirements?
Here are the requirements to apply for a Pag-IBIG Fund Multi-Purpose Loan:
1. Multi-Purpose Loan Application Form
2. Valid ID
3. Proof of income
How to apply?
You can apply for a Pag-IBIG Fund Multi-Purpose Loan either online or over-the-counter:
For online applications:
1. Upload your accomplished loan application form and requirements
2. Complete the Pag-IBIG MPL application online form, for members whose employers are enrolled under the Virtual Pag-IBIG for Employers. This is available to members with a Pag-IBIG Loyalty Card Plus only.
For over-the-counter applications:
1. Submit the Multi-Purpose Loan Application Form and other requirements to the nearest PAG-IBIG branch.
2. Get STL Acknowledgement Receipt (HQP-SLF-121).
3. Get loan proceeds on the scheduled date.
How do I pay my loan?
For employed members, you can pay your loan through salary deductions by arranging this with your employer.
You can also pay your loan via Virtual PAG-IBIG, at any PAG-IBIG Fund branch near you, or through any of PAG-IBIG's accredited online collecting partners.
ALSO READ:
Now You Know: Pag-IBIG Loyalty Card Benefits and Discounts
Adulting 101: What is the Pag-IBIG MP2 Savings?
Adulting 101: How to Check Your PAG-IBIG Fund Contributions
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