How To Apply for Pag-IBIG Multi-Purpose Loan 2023 for Financial Solution
PAG-IBIG MULTI-PURPOSE LOAN 2023 – Here are the steps on how to apply for the MPL or the cash loan offer of the Pag-IBIG Fund.
In the Philippines, millions of Filipinos have access to loans as they are members of the Pag-IBIG Fund who have maintained active accounts. To keep the account updated, the member must regularly post monthly contributions.
With regards to the loans offered by the Pag-IBIG Fund, aside from the Pag-IBIG Housing Loan 2023 and the Calamity Loan offer, the government office also offers the Pag-IBIG Multi-Purpose Loan. It is a cash loan offer, also called the MPL, that can attend to several purposes — financing a car repair, huge purchase, utility bills payments, expanding a business, minor home renovations, etc.
The first step in applying for the loan offer is to check the eligibility requirements. There is a short list of eligibility criteria for qualification to the loan offer. Thus, millions of the Fund members are actually qualified for the offer. Here are the eligibility requirements set by the government office:
- be a member of Pag-IBIG Fund
- have posted at least 24 monthly membership savings
- have posted at least one(1) monthly membership savings within the last six(6) months
- submit a proficient information on his or her source of income
Under the Pag-IBIG Multi-Purpose Loan offer, the loanable amount depends on the total regular savings of the member. The government office has set a percentage of the savings as the maximum amount that a member may borrow. It is under the Pag-IBIG Multi-Purpose Loan interest rate until the loan is fully-paid. A borrower has the option to repay the amount borrowed in 24 months or 36 months.
The second step in applying for the Pag-IBIG Multi-Purpose Loan 2023 is to gather the documents needed in applying for the loan. Make sure to prepare the original copies of the requirements for Pag-IBIG Multi-Purpose Loan as the government office checks them during the loan filing.
The final step in the application process is to submit your documents to a branch of the Pag-IBIG Fund nearest to you. After it, wait for an update from the government office regarding the result of your loan application.