GUIDE: How to Apply for Pag-IBIG Multi-Purpose Loan
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.
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