PAG IBIG members have access of having the Lump Sum payment calculation. A lump Sum is a monetary sum in a single amount rather than allocated in installments. Hence, if you’re a long-term member of our PAG IBIG agency, we offer a lump sum amount to our members. This loan is for you when you need to utilize some sum amount at a time.
Therefore, you can be a Philippines citizen facing a crisis and now want to accomplish your requirements. Luckily you have a trustworthy experience with the PAG organization. So, you don’t need to be worried about this new contribution. You are qualified for the Lump Sum amount of PAG IBIG.
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Lump Sum Loan
PAG IBIG brings lump sum payments for contributing members at a more affordable rate. It also provides easy interest rates and amortization. The loan income Filipino workers have this great source of income with feasible repayments. The workers, especially PAG members, can enjoy the loan amount at a time without delay.
PAG Eligibility for Lump Sum
However, there are various other scenarios where people have applied for lump sum loans without extended PAG membership. Those members who have claimed a loan for 20 years, with no Loans, can also easily claim for it. Their claimed amount would be PHP 90,000.00.
Likewise, members with a term current loan can deduct their amount as a Lump sum. We’ve demonstrated as suppose a worker with current PAG membership of Short Term Loan or STL loan. This loan amount is PHP 10,000.00, and his required lump sum amount is PHP 90,000.00. Then he can achieve the sum of PHP 80,000.00 payment from the PAG loan Agency. It’s the mind-blowing concept about the lump sum amount paid and the presently running loan process.
Well, you are deducting your STL loan amount for Lump sum payment requirements. Hence, the essential documents are:
You must know about PAG IBIG:
PAG agency provides all the basic requirements for the loan online via the official website. To check your eligibility criteria:
- Open our official website and view all the fundamental requirements.
- Once you ensure that the criteria are fulfilled, visit your nearest branch.
- Submit your application along with your membership and other required documents.
However, the PAG IBIG organization evaluates the whole application claimed for lump sum loan payment. When all your documents are completed and accurate, the agency will respond as soon as possible. You must wait at least 21 days for the agency’s confirmation letter.
Calculator of PAG IBIG Lump Sum
For our member’s comfort, PAG IBIG caters to the utility software that exposes the total payments. It’s the smart system that calculates the total lump-sum funding and investments. You may see your long-term details of payments. The calculator interface exhibits the formula box, where the borrower enters his amount, the agreement period, and the yearly interest rates of the whole amount. Meanwhile, the PAG organizers ministry has officially set the formula for lump sum calculations. The calculator smartly shows you all the details within seconds. So you don’t need to calculate your payments manually.
Calculation Formula is A = P (1+r/n)^nt
P – Principal amount or Present value
A – Future value (for payment)
t – Number of years for which the money is deposited
r – PAG IBIG Interest Rate
n – Period Number (each year)
The process to claim the PAG Lump Sum
The workers with PAG IBIG membership must view these steps to claim the organization’s online requirements.
Login:
- Open the PAG-IBIG virtual portal.
- Create your account free of cost. The system will ask for a strong pin code and email to verify your application form.
- Ensure that your registration is completed.
Upload the Documents: PAG-IBIG demands long-term membership owners to provide the lump sum amount. Though, your documentation verification is essential for the Lump sum amount.
Sample adjustment: The Users have different panels on the tool so that you can customize the upper and left panels. For a lump sum amount, you must insert the pictures, customize text, whiteout unnecessary details, fillable fields, significant highlights of users, and relevant comments of your specific updates.
Documentation Completion: Once you have verified your lump sum amount after proper calculations, you can share it with others. Through form sharing via creating the faster file sharing link or email, export your application to the cloud, or you may save it. This saved file is accessible anytime for audit or further confirmation in the current updated version.
Eventually, your PAG IBIG membership application is also verified for lump sum payment. It will help if you use your lump sum calculator for the loan application from PAG IBIG.
FAQs
Are the workers capable of lumping the sum of their PAG-IBIG payment?
Once you’re a member of PAG Funding company, you can get your payment as you want. PAG IBIG brings easy interest rates accessibility for workers so they can withdraw the lump sum payment entirely. With 20 years of contribution, the PAG loan owners can get the whole amount at a time.
How many years of experience is essential for PAG lump sum payment access?
You are proficient in applying for your lump sum amount if you have 20 years of trusted experience with PAG IBIG. This time is equal to the 240 months’ contributions. Moreover, the retirement age is 60-65.
Final Thoughts
Finally, here is the whole guidance about how you can get the PAG-IBIG Lump Sum amount. The eligibility criteria for this payment are explained here. How you can calculate your complete payments, whether current or previous. The calculation tool is perfectly designed for users’ assistance. Well, you can get your monthly amortizations as well.