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November 21, 2017

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Pagibig Multi-Purpose Loan

What is the Pag ibig Multi-Purpose Loan Program?

This program aims to provide financial assistance to Pag-IBIG members for purposes of:

  1. Minor home improvement,
  2. Livelihood,
  3. Medical,
  4. Educational,
  5. Purchase of appliance and furniture
  6. Vacation with your family
  7. Shopping

Sometimes referred to as “personal loan,” the Multi-purpose loan is one of two short-term loans available to Pag-IBIG members as the need arises.

Who Are Qualified Or Eligible To Borrow?

To apply for a New Loan, a Pag ibig member must have:

  1. At least paid twenty-four (24) monthly contributions.
  2. At the time of loan application, have at least five (5) monthly contributions for the last six (6) months.
  3. The net take home pay shall not fall below the minimum requirement of the General Appropriations Act (GAA) or company policy, whichever is applicable.
  4. If Member has existing calamity loan, a member shall be allowed to avail of the Multi-Purpose Loan only after payment of at least six (6) monthly amortizations. The outstanding balance, together with any accrued interests, penalties and charges, shall be deducted from the proceeds of the MPL.

To Apply For A Loan Renewal, A Pag ibig Member Must Have:

  1. Paid at least six (6) monthly amortizations. The outstanding balance, together with any accumulated interests, penalties and charges, shall be deducted from the proceeds of the new loan.
  2. At  the time of loan application, have paid at least five (5) monthly contributions for the last six (6) months.
  3. A net take home pay that shall not fall below the minimum requirement of the General Appropriations Act (GAA) or company policy, whichever is applicable.

What Are The Requirements To Borrow A Multi-Purpose Loan?

Basic Requirements – Locally Employed:

  1. Duly accomplished Multi-Purpose Loan Application Form (MPLAF)
  1. Two (2) valid IDs (Government issued)
  2. Proof of Income
    • For Locally Employed
      • The “Certificate of Monthly Net Income” portion at the back of the application form must be accomplished by the employer or submit photocopy of latest payslip duly authenticated by company’s authorized representative.
    • For Self-Employed or Individual Payors
      • Photocopy of any of the following:
        • Business Permit/Mayor’s Permit;
        • Commission Voucher; or
        • Any other proof acceptable to the Senior Management Committee

How To Apply For Pag-Ibig Muti-Purpose Loan

Step 1

  • Go to the Pag-IBIG NCR/Regional Branch where your contributions are being remitted.
  • Proceed to the Provident Benefits Division (PBD) servicing counter.
  • Person Responsible – Loans and Credit Evaluator II

Step 2  

  • Submit duly accomplished MPLAF/CLAF together with supporting documents, if applicable.
  • Note:  You will be informed if you are not qualified to avail of a loan.
  • Get Short Term Loan (STL) Acknowledgement Receipt (SAR).
  • The date of release of loan proceeds shall be indicated in the SAR.
  • Estimated processing time is  1 – 2 weeks.

Step 3  

On scheduled date, get loan proceeds.  Proceeds will be released thru:

  • Check releasing -  present Acknowledgement Receipt (SAR) and 2 valid IDs to Cash and Administrative Services Division (CASD).
  • Landbank’s PACSVAL/Cash Card releasing -  verify and withdraw at any Landbank branch or accredited bank.
  • Check Release Controller ATM

What Is The Maximum & Minimum Loan Amount I Can Get From Multi-Purpose Loan?

The maximum amount is 80% of the TAV.

The minimum is 60% of the TAV.

Note:

A Pag ibig Member’s loan entitlement depends on the number of contributions made and the Total Accumulated Value (TAV).

What Is A Total Accumulated Value Or TAV?

Total Accumulated Value (TAV) is the sum or total of:

  1. Pag ibig Member’s personal contributions
  2. pag ibig Member’s Employer’s corresponding contributions
  3. Total dividend earnings

Estimated as follows:

  • 24 to 59 months contributions = Get a loan up to 60% of TAV
  • 60 to 119 months contributions = Get a loan up to 70% of TAV
  • 120 months contributions or more = Get a loan up to 80% of TAV

How Much Is The Interest Rate?

  • 10.75% per year.
  • The loan is payable in 24 monthly installment.  With a grace period of 2 months.

Source:

http://www.pagibigfund.gov.ph/home_pdf/citizens%20charter/Citizens%20Charter%20-%20STL%20PROGRAM_June2013.pdf