Pag-IBIG Multi-Purpose Loan Calculator

PAG IBIG brings the Multi-Purpose loan for Philippines citizens to accomplish any immediate financial need. Multi-Purpose Loan (MPL) is available for 80% of the total payment. However, this regular saving process is complete within 2 business days.

What calculation would you like to perform?

Desired Loan Amount:

Gross Monthly Income:

Estimated Value of Property:

Preferred Repayment Period: Desired Fixed Rate Term:

The income required for your desired loan amount is approximately:

Additional estimated amounts:

Principal & Interest:
Insurance:
Monthly Amortization:

Estimated Equity:
Gross Monthly Income:

Note: Other fees not yet included.

Please be reminded that:

The interest rates are valid starting 2023, and are subject to change without prior notice.
The outcome produced by this calculator is solely for informational purposes and is NOT considered official.
The actual amount available for borrowing may differ based on the assessment and review of Pag-IBIG Fund.
The preferred fixed pricing duration is the length of time you want to keep your selected rate secure.
Specific terms and conditions are applicable.

You must learn that PAG IBIG has announced to provide the ₱36.5 billion loan with a repayment period extended for 2-3 years. The agency’s vital role is to cover the member’s financial expenses and other urgent tasks.

The Pag-IBIG Multi-Purpose Loan is a popular choice among Filipinos looking for a convenient and affordable way to borrow money for their various needs. It is famous for several reasons. It offers a low interest rate compared to other loans, making it an affordable option for many Filipinos who need quick cash for various purposes.

To calculate the monthly amortization or repayment amount for a Pag-IBIG Multi-Purpose Loan, people take help from a calculation tool a calculator. Here we’re going to state detailed factors about the Pag-IBIG Multi-Purpose Loan Calculator.

If the person has a precise understanding of calculations, it will help them seek the best results. Let’s find out the complete description in the section below.

Contents

1 Multi-Purpose Loan
2 Eligibility Criteria for MPL
3 Amount Investment
4 Calculator for Pag-IBIG Multi-Purpose Loan Amount
5 Benefits

Multi-Purpose Loan

PAG IBIG avails cash for assisting its members with considerable expenses. MPL is offered to its borrowers with entire relaxing amortization plans. Hence, if they are qualified for the PAG-IBIG loan, they can achieve the 80% of the loan amount.

Medical expenditures
Home Renovation
Utility bills
Travel expense
Education and miscellaneous fees
Business capital
Home improvements
Special events
Credit card balance

A Pag-IBIG Multi-Purpose Loan is a loan offered by the Pag-IBIG Fund (or the Home Development Mutual Fund) in the Philippines. It is a short-term loan that aims to provide financial assistance to Pag-IBIG members for various purposes, such as home renovation, minor home repairs, tuition and education expenses, health and wellness needs, travel and vacation costs, and other personal or emergency needs.

The loan amount may range from PHP 6,000 to 80% of the member’s total accumulated value (TAV) in their Pag-IBIG account, depending on their eligibility and capacity to pay. It must be completed within 24 months in installments with a fixed interest rate.

To be a member of this loan service, a person must meet the below-mentioned criteria:

Must provide the 24 months’ contributions to Pag-IBIG
Must contain a minimum of one assistance within the last six months
Should not only work for outstanding Pag-IBIG housing loans or multi-purpose loan
Must not have any Pag-IBIG account that is under foreclosure, cancellation, or with arrears
Must have a gross monthly income that meets the minimum requirement set by Pag-IBIG

Interested members may apply for a Pag-IBIG Multi-Purpose Loan by completing the application form and submitting the necessary documents to any Pag-IBIG branch or through the Pag-IBIG online portal.

Eligibility Criteria for MPL

Applicants must have the 24-month membership saving plan, or a PAG saving of ₱4,800 is essential for applying for the Multi-Purposes loan.
Prove the income source.
You must make the recent six-month saving plan with due time payments and repayments
If you have an existing Housing loan membership in PAG IBIG, your amortization must not be in default.

To be eligible for a Pag-IBIG Multi-Purpose Loan, you must go through the details:

Active Pag-IBIG member – You must be an active member of the Pag-IBIG Fund, which means that you should provide contributions and involvement for around 24 months. You may be eligible for a shorter-term loan if you have not reached this minimum contribution requirement.
Updated membership contributions – You must have updated membership contributions at the time of the loan application.
No existing Pag-IBIG housing loan – You must not have an existing Pag-IBIG housing loan that is in arrears or default at the time of the loan application.
No existing Pag-IBIG multi-purpose loan – You must not have an existing Pag-IBIG multi-purpose loan that is in arrears or default at the time of the loan application.
No Pag-IBIG short-term loan – You must not have an existing Pag-IBIG short-term loan that is in arrears or default at the time of the loan application.
Meet the minimum income requirement – You must have a minimum monthly income of ₱5,000 for Metro Manila-based members and ₱4,000 for members based outside Metro Manila.
No prior Pag-IBIG loan condonation – You must not have been granted a loan condonation from Pag-IBIG Fund in the past.
No Pag-IBIG account in dormancy – You must not have a Pag-IBIG account in quiescence at the time of the loan application.

The requirement might vary depending on the specific loan program you are applying for. It is best to consult with a Pag-IBIG representative or visit the Pag-IBIG website for more information on eligibility requirements.

Requirements for MPL

2 signature-bearing IDS
2 scanned copies of the Photo
Month’s wage/pay slip of individual
MPL application form

You must be an active person to avail of the MPL from the PAG agency. The registered ID is the best aspect for getting an interest loan. The recent six months of contribution before the application submission is essential for precise verification.

Therefore, you may get the secured entire information guideline for getting this loan. You need to complete your additional required documents as follows:

Employer name or company name
Authorized representative signatures slip
Your nearest/ selected branch code and agency code
GSIS/SSS No

PAG-IBIG MPL Calculation

If you are interested in applying for a multi-purpose loan, then the computation of your loan payment is vital. How much will be your first MPL amount from the PAG organization?

Thus, this calculation is made on account of the MS terms of the borrower multiplied by the selected monthly contribution. Then 60% loan factor is also applied here.

For example, a member with 24 monthly terms can get a loan of ₱2,880.

24 months plan (PAG IBIG contributed membership x ₱200 (Your monthly contribution) x .60

When your loan amount increases, your monthly contributed amount will also increase. So does your loan factor accordingly? If an individual with 120 months of contribution or more, take out the 8-% factor.

Thus, PAG IBIG offers a calculating system that can apply this formula according to an individual’s requirement. You can enter your amounts and get the final MPL payment. This MPL calculator is an excellent source for all beginners and those busy with routine tasks that can’t go for manual calculations. It will show the ultimate result of your calculation shortly.

How do Philippines workers Apply for MPL in the PAG-IBIG?

Since you have confirmed that you are proficient in applying for this MPL payment. The fundamental requirements, eligibility criteria, and computations are suited for you. How can you submit your application to the HR department?

Self-employed people can visit the nearest branch of PAG IBIG. They must fill out their PAG IBIG form and submit it for official approval.

Our head department verifies all the applications of MPL. If you’re going to apply for the renewal loan, the department will check your 6 months’ worth of the loan. Your excellent balance of accumulated interests and existing loan experience are the prior factors in MPL approval. If your previous membership (MS) carries some penalties, these charges will be deducted at first. Or it might be your application approval is risky. Eventually, the PAG IBIG organization prefers applications with cleared and secure past experience.

Borrowers must pay the penalty charges as 1% for each unpaid day from the due date. Your best choice is to clarify your past record and then apply for the Multi-purposes loan.

Online Applying Guide:

Filipinos must know that the virtual PAG IBIG portal is convenient for those who accomplish the whole criteria. Then these people will be able to apply for short-term or MPL:

PAG IBIG’s (bank) issued cash card
Loyalty card plus PAG IBIG (LANDBANK of the Philippines, Asia United Bank, UnionBank of the Philippines, UCPB)
Virtual membership account of the employer
Scanned MPL application form (MPLAF)
Scanned ID, Photos

After satisfactory filling out of the application form and document preparation, open our PAG online portal. Create your account and apply for your MPL today. You can get your application slip in PDF format. This slip will be the confirmation letter for later use.

Amount Investment

you can use a Pag-IBIG Multi-Purpose Loan to pay for various personal expenses, such as:

Home renovation or improvement
Minor home repairs or maintenance
Tuition and education expenses
Health and wellness needs, including medical bills and costs for health-related treatments or procedures
Travel and vacation expenses
Purchase of appliances, furniture, or other household items
Payment of credit card debts or other loans
Payment of rent, bills or other living expenses
Financing for small businesses or entrepreneurial ventures.

Calculator for Pag-IBIG Multi-Purpose Loan Amount

The Pag-IBIG Multi-Purpose Loan calculator is a valuable tool for individuals interested in applying for a loan from the Pag-IBIG Fund. It helps borrowers determine the loan amount they are eligible to receive based on their monthly income, length of membership, and desired loan repayment term.

The calculator is significant because it allows borrowers to make informed decisions about their loan applications. By inputting their financial information into the calculator, borrowers can get a more accurate estimate of the loan amount they can receive, which can help them plan their finances accordingly.

Additionally, the calculator can help borrowers avoid the risk of overborrowing or under borrowing. Overborrowing can lead to financial difficulties in the future, as borrowers may struggle to repay the loan, while under-borrowing may need more funds to meet their financial needs.

Overall, the Pag-IBIG Multi-Purpose Loan calculator is a valuable tool for individuals who want to take out a loan from Pag-IBIG. It helps borrowers make informed decisions about their loan applications and can ultimately contribute to their financial well-being.

To calculate the Pag-IBIG Multi-Purpose Loan amount, you will need to follow these steps:

Income Estimation– It is the basics for the loan amount you can receive. The amount of the loan must be according to your monthly income.
Determine your length of membership in Pag-IBIG – the length of your membership will also affect the loan amount you can receive. The longer your membership, the higher the loan amount you can receive.
Determine your loan repayment term – the loan repayment term can range from 24 to 60 months, and the longer the repayment term, the lower the monthly installment will be.
Use the Pag-IBIG Multi-Purpose Loan calculator – you can use the online calculator provided by Pag-IBIG to determine the loan amount you are eligible for based on your monthly income, length of membership, and loan repayment term.

To use the Pag-IBIG Multi-Purpose Loan calculator, follow these steps:

Go to the Pag-IBIG website and navigate the Multi-Purpose Loan calculator.
Enter your monthly income and length of membership in the appropriate fields.
Choose your desired loan repayment term.
Click on the “Calculate” button. It will provide you with a final report about the loan amount that you will receive.

Note that the actual loan amount you can receive may be subject to other factors, such as your creditworthiness and existing loans or obligations. It is best to consult with a Pag-IBIG representative to get a more accurate loan amount estimate.

Benefits

There are several benefits of using the Multi-Purpose Loan Amount Calculator provided by Pag-IBIG:

Accurate loan amount estimate

The calculator gives borrowers an accurate estimate of the loan amount they are eligible to receive based on their income, length of membership, and desired loan repayment term. This can help borrowers plan their finances and avoid overborrowing or under borrowing.

Saves time and effort

Using the calculator, borrowers can quickly and easily determine their loan eligibility without visiting a Pag-IBIG branch or speaking to a representative. This can save time and effort, especially for those unable to visit a branch in person.

Helps with financial planning

The calculator can assist borrowers in financial planning by estimating their monthly installment payments based on the loan amount, interest rate, and repayment term. This can help borrowers determine if they can afford the loan and how it will impact their monthly budget.

Transparent and reliable

The calculator uses the same formula and parameters as Pag-IBIG representatives when determining loan eligibility, ensuring transparency and reliability in the loan estimation process.

User-friendly interface

The calculator has a straightforward design. You can easily navigate the features, making it accessible to all borrowers regardless of their level of technological proficiency.

The Multi-Purpose Loan Amount Calculator is beneficial for borrowers considering taking a loan from Pag-IBIG. It can help borrowers make informed decisions about their loan applications, save time and effort, and assist with financial planning.

The Final Statement

The page-IBIG Multi-Purpose loan application process is relatively straightforward, with minimal requirements and a fast approval time. It can be used for many purposes because the loan repayment terms are flexible, with extended payment periods and low monthly payments, which can help borrowers manage their cash flow more effectively.

Using a calculator to determine the monthly amortization or repayment amount for a Pag-IBIG Multi-Purpose Loan is a good idea. This is because the loan terms and interest rates can be pretty complex, and manually calculating the monthly repayment amount can be time-consuming and prone to errors.

Fortunately, MPL is allocated for employed, self-employed OFW members. All the members just need to verify their precise documentation and existence in the relevant region. They can apply for a multi-purpose loan and fulfill their requirements. PAG IBIg provides the advanced feature of auto-calculation as well. Members don’t need to check the manual computations for their MPL amount. This advanced system has made the whole loan process more convenient for all members.