• Pag-IBIG Salary Loan

    Gathering financial resources for a casual or emergency need can be tricky. Retail loans such as Auto or Housing fulfill specific needs such as acquiring a car or a home respectively. However, routine requirements which require a monetary impetus can be challenging, especially, when you do not have the required monetary backing to fund it. In such situations, you can look forward to financial assistance by means of a casual need loan such as Pag-IBIG Multipurpose Loan in the Philippines.

    Popularly known as “Salary Loan” since the amount drawn under this loan is dependent on the contributions you make from the salary drawn from employment is mainly taken into consideration to determine your eligibility and quantum of finance provided. Let's go ahead and explore the fine print to help you confidently apply for this loan, used to fulfill a plethora of requirements.

    Features & Benefits

    Open for Multipurpose Requirements

    You can take out this loan for a plethora of requirements such as home repair, vacation expenses, medical emergencies and for other any other purpose under the sun. This way, there is no restriction on how you would like to utilize the loan amount, disbursed as a lump sum amount.

    Affordable Interest Charges

    Pag-IBIG is one the most trusted mutual funds in the Philippines today. It has become furthermore reliable due to government backing. Being a government aided fund, it offers this loan at an affordable interest rates, charged on an annual basis. You can easily rely on this loan to save on interest charges when compared to a personal loan from a private bank.

    Flexible Repayment Term Options

    The borrower can easily choose to repay the loan in monthly amortizations over a flexible term. He/she is free to select a term with an upper cap of 24 months. This loan also provides a grace period of 2 months in case if the borrower is unable to pay off within the stipulated period of time.

    Quantum of Loan Amount Linked to Fund Value

    The extent of borrowing is a percentage of the TAV (Total Accumulated Value) of the consolidated contributions (Your contributions from the salary to the Pag-IBIG fund). Members with 24-59 months of savings can get a loan of up to 60% of the TAV, 60-119 months can be eligible for up to 70% and 120 months and above can draw up to 80% of the TAV.

    Multiple Channels For Loan Repayment

    The monthly loan repayment can made via salary deductions for employed members. For individuals and self employed borrowers, channels such as ADA (Auto Debit Arrangement), over the counter payment are the options available.

    Option to Renew the Multipurpose Loan

    Upon payment of 6 monthly amortizations, the borrower can renew their loan by taking out an additional amount. This way, you can get that additional financial help without going through the burden of applying for another one.

    Pag-IBIG Multipurpose Loan Interest Rates

    As stated earlier, the interest charges are billed at an affordable rate of just 10.75% per annum, making it one of the most affordable loan options for personal needs. Plus, you also have the transparency and trust of a loan option provided by one of the most trusted funds in the Philippines.

    Eligibility Criteria

    This loan is open to Pag-IBIG members and can be availed by fulfilling the following eligibility conditions.

    • The member (applicant) should have made a minimum of 24 months’ mandatory savings (MS).
    • Should have completed 5 mandatory savings in the last 6 months preceding the date of loan application.
    • If the applicant has availed other types of loans under this fund such as Calamity or Housing loan, the payments must be up to date with no instances of defaults.

    Document Requirements

    • Duly filled and signed MPLAF (Multi-Purpose Loan Application Form)
    • 2 valid IDs (Photocopies)
    • Proof of income as provided in the table below
      Salaried Applicants Self Employed Applicants
      Latest payslip authenticated by the authorized company representative or the relevant portion of the MPLAF should be accomplished by the employer with signature and company seal. Mayor’s permit for business/Commission Vouchers or other documents for proof of income.

    FAQ's about Pag-IBIG Salary Loan

    1. How do I make a multipurpose loan application with Pag-IBIG in the Philippines?

      Salaried aspirants can submit the MPLAF and related documents either directly at Pag-IBIG office or through their Fund Coordinators who will forward the application for further processing.

    2. How is the loan amount disbursed once the Multipurpose loan application has been approved?

      The loan amount will be released via the Disbursement Card (Pag-IBIG Citi Prepaid Card or LBP Cash Card), PACSVAL (Land Bank's Payroll Credit Systems Validation), by check or other available modes of payment such as electronic credit to into the bank account.

    3. I would like to apply for a Multipurpose loan from Pag-IBIG. Where do I find the application form?

      The MPLAF can be downloaded and printed from pagibigfund.gov.ph or can be collected from any of the offices of Pag-IBIG offices in the Philippines.

    4. Please provide the contact details for Pag-IBIG Multipurpose Loan department.

      The representatives can be reached on their 24/7 hotline - (02) 724-4244. You can also reach out to them by sending an email: publicaffairs@pagibigfund.gov.ph.

    5. I am making regular monthly repayments on a Calamity Loan from Pag-IBIG. Am I allowed to apply for the MPL?

      Yes, you are eligible to apply for the MPL, provided the Calamity Loan is not in default status.

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