Guide on Pag-IBIG Cash Loan Interest 2024 — How Much Your Loan May Incur
PAG-IBIG CASH LOAN INTEREST 2024 – Here’s a guide on the interest rate set by the Pag-IBIG Fund under its Multi-Purpose Loan offer.
Are you looking for a financial solution? If you are a member of the Pag-IBIG Fund, you might qualify for the Multi-Purpose Loan, a cash loan offer of the government institution which can attend to several purposes under a single loan.
The Pag-IBIG Multi-Purpose Loan or MPL is the most flexible loan offer of the Fund in terms of purpose. You may apply for it to finance your next travel, to meet the expenses at home, to make a huge purchase, to finance an event, for a minor business expansion, etc.
The Fund designed the MPL to help provide a financial solution for short-term needs of qualified members. The question is, who are qualified to apply for the loan offer? For eligibility to apply for the offer, a member must meet the following criteria:
- member must have at least twenty-four (24) monthly membership savings under his/her Pag-IBIG Regular Savings program
- in active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- has a source of income
- if with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default
The loanable amount under the Pag-IBIG cash loan offer may vary. It may be released by the Fund is as fast as two (2) working days since the loan application thus it really provides an instant financial solution to members.
With regards to the Pag-IBIG cash loan interest rate, it is at 10.5% per annum. The loan is payable within three (3) years or 36 monthly installments.
The Pag-IBIG cash loan interest rate applies until the end of the loan term. If you wish to pay for your loan in just two (2) years or 24 monthly installments, you may do so. There are requirements for Pag-IBIG cash loan application that members must submit to apply for the offer.
