Pag-IBIG Multi-Purpose Loan 2024 Application Process & Requirements
PAG-IBIG MULTI-PURPOSE LOAN 2024 – You can check here a guide for the Fund members on how to apply for the loan offer.
While the Pag-IBIG Housing Loan remains the most popular loan offer of the Fund, through the years, it has continually upgraded its offers and it now has the a multi-purpose cash loan offer — the Pag-IBIG Multi-Purpose Loan or also called the MPL.
The MPL was crafted to help address the short-term-financial needs of the members. A member may apply for it to make some personal purchases, pay for the tuition fees, travel, get the car repaired, etc. The Fund may release the money in as fast as two (2) working days.
Who are qualified to apply for the loan offer? Here are the qualifications set by Pag-IBIG in applying for the Pag-IBIG Multi-Purpose Loan:
- at least twenty-four (24) monthly membership savings under the 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
- with sufficient proof of income
In case the borrower has an existing Pag-IBIG Housing Loan, Pag-IBIG Calamity Loan, and/or Pag-IBIG MPL, the existing loan account must not be in default.
How much you may borrow under the offer? The Pag-IBIG Multi-Purpose Loan loanable amount may vary but the government entity has posted the percentage of the maximum amount that a member may borrow.
The Pag-IBIG loan is payable for up 36 monthly installments or within three (3) years. The first payment is deferred giving the member-borrower enough time to prepare for the repayment of the loan. A member may also choose to pay for the loan within 24 monthly installments.
With regards to the Pag-IBIG Multi-Purpose Loan requirements for application, it depends whether the member-borrower is locally-employed, self-employed, or an overseas Filipino worker (OFW).