Guide on Pag-IBIG MPL Application 2024 Process & Requirements
PAG-IBIG MPL APPLICATION 2024 – Here are the steps on how to apply for the Pag-IBIG Fund’s Multi-Purpose Loan offer.
Have you heard about the multi-purpose cash loan offer of the Pag-IBIG Fund? Truth be told that the Fund is most popular for the Pag-IBIG Housing Loan that has helped countless of individuals attain residential properties in an affordable way but many members are unaware about the multi-purpose cash loan offer.
Also called MPL, the Pag-IBIG Fund’s Multi-Purpose Loan offer is designed as an option for members in times of short-term financial needs. It can be used in education, car repair, minor business expansion, travel, special event, project, etc. It is one of the fastest cash loans available for countless Filipinos.
Under the offer, the Pag-IBIG MPL application process may yield results within two (2) working days. A member may borrow as much 80% of his/her total Pag-IBIG Regular Savings. The loan amount is payable for up to 36 monthly installments.
The higher your savings is, the higher is the maximum loanable amount. The Pag-IBIG Fund implements a 10.5% per annum. The good part about this is that part of the interest under the loan returns to you in the form of dividends.
There is an easy process for the Pag-IBIG MPL application. Here are the steps that you may follow in applying for the loan offer:
Step 1 — The Qualifications
There are qualifications under the Pag-IBIG Multi-Purpose Loan offer. To be eligible to apply for the offer, here are the qualifications that a member must meet to be eligible to apply for the loan offer:
- at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- 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 proof of income
If the borrower has an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default.
Step 2 — The Requirements.
Aside from the eligibility requirements, there are also documentary requirements for the Pag-IBIG MPL application. Make sure to prepare and have all the original copies of the documents required by the Fund.
Step 4 — The Application.
Go to a branch of the Pag-IBIG Fund and submit your documentary requirements to file your loan application. Wait for an update from the government agency regarding the result of your loan application.