Here's all you need to know about Pag-IBIG Salary Loan.
Good news! Pag-IBIG Fund extended its loan term from two to three years, so borrowers can take advantage of this Pag-IBIG loan to cover financial emergencies and other urgent expenses.
Interested in applying? Here’s what you need to know about the Pag-IBIG Multi-Purpose Loan, also known as the Pag-IBIG Salary Loan.
HELPFUL ITEMS YOU CAN USE TO SAVE MONEY!
Here's my list of useful items for you to save or earn money wisely:
- Coin banks
- Informative books about money, saving and investments!
- Money organizer
Shopee is my go-to app for things I needed like the ones above. If you'd like discounts and vouchers, you may get the best offers here:
What is a Pag-IBIG Multi-Purpose Loan?
The Pag-IBIG Multi-Purpose Loan is a cash assistance program every Pag-IBIG member can avail of. If you’re a qualified member, you can borrow up to 80% of your Pag-IBIG regular savings and have your loan processed in as fast as two days.
Since this is a multi-purpose loan, you can use it to pay for the following:
- Home improvement
- Business capital
- Medical expenses
- Education-related expenses like tuition and miscellaneous fees
- Home appliances and furniture
- Utility bills
- Credit card balances
- Special events
How to Compute Pag-IBIG Multi-Purpose Loan Amount
How much is the first salary loan in Pag-IBIG? Calculations for the Pag-IBIG Multi-Purpose Loan amount are made according to the individual's membership term, multiplied by their monthly contribution. From there, a 60% loan factor is applied.
For example, an individual who has been a Pag-IBIG member for 24 months can only loan ₱2,880. The computation is as follows:
24 months (total Pag-IBIG membership contribution) x ₱200 (monthly contribution) x .60
The amount you can loan increases as your monthly contributions increase, and so does the loan factor. An employee who has made contributions for 120 months or more can take out a loan at an 80% factor.
Pag-IBIG Multi-Purpose Loan Eligibility
To qualify for a Pag-IBIG Multi-Purpose Loan, Pag-IBIG Fund members need to meet the following requirements:
- Have a total Pag-IBIG Fund savings of ₱4,800 or at least 24 monthly Membership Savings (MS)
- Have made at least one Membership Savings within the last six months, as of the month prior to the date of loan application
- With sufficient proof of income
- Account must not be in default if with an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan
Pag-IBIG Multi-Purpose Loan Requirements
- Photocopies of two valid photos and two signature-bearing IDs
- Latest payslips equivalent to a month’s wage
- An accomplished Pag-IBIG Multi-Purpose Loan Application form
RELATED: List of SSS Loan Requirements
ATTRACTIONS TO SEE IN MANILA
How to Apply for a Multi-Purpose Loan in Pag-IBIG
If you’re eligible and with complete loan requirements, submit your documents to your HR department and coordinate your application with them.
For self-employed members, visit a Pag-IBIG branch near you and have your documents processed for approval.
You can also apply for loan renewal later, though it will require six months’ worth of payments toward your existing loan plus the outstanding balance with accumulated interest. Penalties and charges will be deducted from the new amount you take out.
ACTIVITIES AND TOURS IN MANILA
How Can I Apply for a Pag-IBIG Multi-Purpose Loan Online?
You can apply for a Pag-IBIG Multi-Purpose Loan and other short-term loans using the Virtual Pag-IBIG platform. Take note that getting a Virtual Pag-IBIG Multi-Purpose Loan is available only to members who meet the following conditions:
- Have a Pag-IBIG Loyalty Card Plus or;
- Have a Cash Card issued by Pag-IBIG Fund partner banks
- Works for an employer with a Virtual Pag-IBIG for Employers Account
Can I Apply for a Pag-IBIG Salary Loan Online If I’m Self-Employed?
Yes, self-employed members with a Pag-IBIG Loyalty Card Plus card or Cash Card can also apply online by uploading the completed loan application form and other requirements.
Pag-IBIG Multi-Purpose Loan Term and Modes of Release
When you receive approval for your Pag-IBIG Multi-Purpose Loan application, you may choose from any of the following modes of loan release:
- Crediting to your disbursement card
- Check issuance
- Bank transfer through Land Bank, DBP, or UCPB cash card
- Loan issuance to your Pag-IBIG Loyalty Card Plus
Where to Pay Your Pag-IBIG Multi-Purpose Loan
You should pay your loan on time to avoid debt and high interest rates. Borrowers can now pay their Pag-IBIG Multi-Purpose Loan over an extended payment term of three years. They now have more time to pay off their loans and make their monthly payments lower.
Employed members can pay for their loan through salary deduction, while individual payers or voluntary members can pay their voluntary contributions through a Pag-IBIG office or these payment channels:
- Bayad Center
- AUB (over-the-counter)
- Debit and credit cards (Visa, Mastercard, and JCB)
- AUB Online Banking / Mobile Banking
- Hello Money / Hello Pag-IBIG Mobile App
How can I check the status of my loan application?
You can check your Multi-Purpose Loan application status via the Virtual Pag-IBIG Loan Status Verification page. Choose Multi-Purpose Loan from the dropdown box and enter your Pag-IBIG MID number and last name. You'll see the Short-Term Loan Status Tracker. View whether your application has already been received, reviewed, and approved.
When can I renew my Pag-IBIG Multi-Purpose Loan?
You can renew your multi-purpose loan after paying an amount equivalent to six monthly installments. However, you may also need to check if you’re eligible for renewal. But once your renewal application is approved, your remaining balance from your existing loan will be deducted from your new loan.
Let us know your thoughts!