Details about the Pag-IBIG Multi-Purpose Loan Interest Rate 2023 Member-Borrowers Must Know
PAG-IBIG MULTI-PURPOSE LOAN INTEREST RATE 2023 – Here is a guide for members on the interest that your MPL account may incur.
Are you looking for a financial solution that can get you the cash you need within a few days? If you are a member of the Pag-IBIG Fund, you may turn to the government agency if you qualify to its Multi-Purpose Loan offer.
The Pag-IBIG Multi-Purpose Loan is one of the loans offered by the Fund for its members. Its main feature is that, as its name suggests, it serves multiple purposes. You may apply for it to make a huge purchase, for the repair of your car, to finance a special event, to pay for the school fees, etc.
Who are qualified to apply for the Multi-Purpose Loan offer? Also called the cash loan or the MPL, for qualification to the loan offer, the member-borrower must meet the following eligibility criteria set by the government agency:
- 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
With regards to the loanable amount under the Pag-IBIG Multi-Purpose Loan, it is dependent on the total Pag-IBIG regular savings of the member-borrower. Meanwhile, the Fund has set a clear percentage of the maximum borrowing amount allowed under the offer.
On the Pag-IBIG Multi-Purpose Loan interest rate, the government office implements an interest rate of 10.5% per annum. The amount borrowed is payable for up to three (3) years or 36 months. The first payment is deferred thus the first monthly amortization starts on the second month.
According to Pag-IBIG Fund, a member may also repay the loan in two (2) years or 24 monthly installments. The payment can be done through salary deductions in the case of locally-employed members. It may also be done through the Virtual Pag-IBIG.
To apply for the loan offer, there are requirements for Pag-IBIG Multi-Purpose Loan that should be gathered and submitted to the Fund. The result of the loan application may be released as fast as within two (2) working days.
