Details about the Pag-IBIG Multi-Purpose Loan Loanable Amount Members May Avail
PAG-IBIG MULTI-PURPOSE LOAN LOANABLE AMOUNT – You can check the details for the amount that you may borrow under the cash loan offer.
Through the years, the Pag-IBIG Fund has continuously expand its offers and services to its members. Millions of Filipinos across the nation are availing the benefits of the services and loan offers of the government agency. One of these is the Multi-Purpose Loan offer or also called MPL.
Aside from the Pag-IBIG Housing Loan, another offer of the government agency is the Pag-IBIG Multi-Purpose Loan. It is a cash loan offer that, as its name suggests, can be in used in numerous ways. You may apply for it to pay for the utility bills, to purchase an appliance, to get your car repaired, to pay for the tuition fees of the kids, etc.
There is only a short list of eligibility requirements under the Pag-IBIG MPL offer that most of its members are qualified to apply for it. To qualify, here are the qualifications that a member must meet:
- 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 Pag-IBIG Multi-Purpose Loan loanable amount, according to the government agency, a member may borrow up to 80% of his/her regular savings. The total regular savings include the member’s contributions, his/her employer’s contributions, and the accumulated dividends earned by the savings.
For example, if your total regular savings is P10,000, your Pag-IBIG Multi-Purpose Loan loanable amount is up to P8,000 or 80% of your total savings. The loan is payable for up to 36 monthly installments or three (3) years of repayment.
To apply for the offer, there are documentary requirements for Pag-IBIG Multi-Purpose Loan that you must prepare and submit to the government agency. According to Pag-IBIG Fund, loan applications may be processed and approved within two (2) working days.
