[Everything] PAG IBIG Salary Loan Requirements, Form

PAG IBIG provides the precise option to apply for secure loan payments through its virtual platform. Whether you’re a current member of the PAG IBIG loan scheme or a beginner in the funding world, now you are interested in obtaining the convenient PAG IBIG salary loan. To assist you in this regard, it’s essential to understand how you can qualify and the basic requirements for this loan. We’ve brought a comprehensive guide for all salary loan enthusiasts.

CHECK: Pag Ibig Salary Loan Calculator

What is PAG Salary Loan?

PAG IBIG represents the salary loan as a Multi-Purpose Loan; MPL. You may know that MPL and calamity loan is the cash assistance programs. PAG IBIG has established a cash loan (of about 36.5 billion Pesos) for all loaners during 2021. Fortunately, this loan is accessible in easy returnable terms for around 2-3 years. You are capable of acquiring a salary loan for immediate financial needs. There are some of the following purposes for getting this loan:

Special events
Educational and tuition fee expenses
Minor home décor
Medication and healthy expenses
Vacation and travel expenses
Money for the small business
Car Repair
Credit card and Utility payments
Money for purchasing Appliances, furniture, electronic gadgets, etc.
Additional needs

Interest Rate

A salary loan is delivered to all qualified applicants with a specific interest rate (10.% per annum).

Therefore, a salary loan is accessible to all members at a lower interest rate of 10.5% per annum. The worth-noted point is that some of your income is derived from the PAG and will return to you as dividends. Though, you will get your earnings with higher dividends when needed.

Requirements

Application form of Salary loan – Original copy (HQP-SLF-065 MPLAF)
Income proof letter – essential for all formal-employed
PAG IBIG verified or acceptable ID – Photocopy

Therefore, your ‘Net payment Certificate’ must be completely accomplished both from the front and back by the employer. Or you can also submit your pay slip verified by your company’s authorized signatory.

CHECK: How to Apply for a Salary Loan?

Employment letter for Self-Employed Workers (any of the following)

A copy of ITR, Member’s tax payment receipt, and Audited Financial Reports. These documents are supported by a Business Permit or Mayor’s Permit and the DTL Registrant of your bank.
Original Commission Slip; Ensures issuer’s contact information and name
Your Original Passbook or bank-authorized statement of about 12 months. This document works when your income source is the pension, foreign remittance, etc.
Original form of your Business owner delivered to you while engaging you for this job.
Income confirmation certificate – original slip
Photocopy of your associated Transport Franchise certificate; ensure that the legal government institute issues this copy. The institute can be LTRFB for other PUVs, or LGU for tricycles.

Employment letter for OFWs

Employment agreement – the contract assigns between employer and employee (photocopy) or original contract letter of POEA Standard.
Tax returning filled letter – original form; the host government of the applicant must verify this file.
CEC: Certification of Employment and Compensation – there are two acceptable forms for CEC.

CEC should be written on your Company’s official letterhead or employer
CEC should sign by the main employer. Though this form will be verified and supported by the employer’s identification card (copy) and passport

Whenever you’re going to apply for the PAG IBIG loan, either a Salary loan or regular savings, you must prepare photocopies of your documents. Although you have copies of all paperlets, you must keep the original documents for verification.

CHECK: Can I Loan in PAG IBIG without Work?

Eligibility Criteria for Salary Loan

All members must qualify for their required emergency loan. While accomplishing your salary loan, you need to know the accurate eligibility criteria of the loan.
Salary loan application must prepare the verified income source letter
Member’s active membership, you need to accomplish the one-month membership savings in PAG IBIG within six months before your salary loan application date. Suppose you’re going to apply for an extra loan with an existing house loan; your account won’t be in default.
You should keep the PAG regular saving for at least 24 months of membership in the savings programs.

Hence, you understand the salary eligibility scenario. Another important fact is that all qualified loaners can get 80% of their results savings. This saving amount comprises the accumulated dividends earned, your employer’s contributions, and monthly payments.

It represents that the more money you submit in your regular savings account, the more payments you can achieve in your salary loan. Furthermore, being the loan applicant, you must go through the calculation and computations for salary loans under PAG IBIG programs.

PDF Form Download

Apply for PAG IBIG Salary Loan

You have the simple and easy steps to apply for your salary loan without going through the in-person method. However, there are two ways Email and Virtual portal to apply for the loan.

Apply via Email

Accomplish the form of your salary loan after downloading it.
Send the email form to your authorized representative, fund coordinator company HR with back-front photocopies:

Landbank card
Verified ID
UCPB card
DBP cash card
Loyalty Card Plus

Your authorized company manager will send a conformational email about your salary loan to the relevant PAG department.

You can also email your nearby PAG branch. There are the following possible emails and relevant branches:

Email Address	Branch
NCRSouth@pagibigfund.gov.ph	Makati-Ayala Avenue, Las Pinas-Robinsons Place, Dasmarinas
NCRNorth@pagibigfund.gov.ph	Quezon Avenue, Cubao, Marikina, Caloocan Mandaluyong – Shaw Zentrum, EDSA and Antipolo
Cagayanvalley@pagibigfund.gov.ph	Cauayan, Solano and Tuguegarao
Centralluzon@pagibigfund.gov.ph	SBMA, Malolos, an Fernando, Cabanatuan, Angeles, and Meycauayan
Ilocos@pagibigfund.gov.ph	Vigan, Baguio, La Union, Urdaneta, Dagupan, and Laoag
Bicol@pagibigfund.gov.ph	Naga and Legazpi
Westvisayas@pagibigfund.gov.ph	Iloillo-Molo, Bacolod, Iloilo-Manduriao, Roxas, and Sagay
Southerntagalog@pagibigfund.gov.ph	Calamba, Lucena, San Pablo, Sta. Rosa, and Palawan
Westmindanao@pagibigfund.gov.ph	Pagadian, Dipolog and Zamboanga
Northmindanao@pagibigfund.gov.ph	Valencia, CDO-Lapasan, Surigao Butuan, and Iligan
Southwestmindanao@pagibigfund.gov.ph	Cotabato, General Santos, Davao-Bajada, Kidapawan, Digos, Polomolok
Centraleastvisayas@pagibigfund.gov.ph	Cebu-Colon, Dumaguete, Ormoc, Danao, Toledo, Cebu-Ayala and Calbayog

Apply for Salary Loan by Virtual Account

Open your account and then the salary loan form.
Upload all the required details into the form.
Accomplish the application form online for those contributors whose employers have got enrollment in the virtual PAG program for employers.
Members with the Loyalty Card Plus can also apply for a salary loan.

PAG IBIG Salary Loan Form

However, when applying for a salary loan virtually, there’s no need to print and scan your form. You may utilize the SignNow, digital ways of PAG IBIG to fill up and prepare your salary loan form. Its intuitive interface has made the form fill-up more reliable and convenient in 2023. Follow the simple steps to finalize your form:

Open SignNow and press the ‘Get Salary Loan Form’ option or simply pick up your required template.
Upload your required information into the form.
For more trusted results, you may use the check marks as well
Fill up the queries in the circle icon with Yes/No answers
Ensure that all documents are completed with accurate details.
Enter the current date when submitting your application
Upgrade your system with new signatures.
The form is completed, then press the ‘Done’ button.
Get your salary form copy, print it out or keep it for later use
Enable and analyze the help sector and make good contact with the Support team as well.

When applying for short-term salary loans, PAG IBIG prefers the simplest and easy ways for members. That’s why SignNow is a remarkable system for you.

PAG-IBIG Salary Loan Computation

PAG is the Philippines Government entity and prefers easy things for loan members. However, to provide straightforward ways to all applicants, we’ve brought the whole computational system for salary loans. How can you compute your loanable amounts? Remember, your whole accumulative amount is associated with your salary & employment source.

Therefore, you have the ability to compute the salary loan amount according to your monthly contributions. So, your contributed value is multiplied by your amount. This amount meets with PAG IBIG’s recommended %age.

Monthly Contributions	TAV
24 to 59 months	Greater than 60%
60 to 119 months	More than 70%
120 months	Greater than 80%

Suppose members’ monthly contribution to the loan is 200.00 Pesos. How to compute the salary loan with this amount:

Check the monthly payments that you’re contributing to the PAG IBIG
Once checked your payments now, multiply them by 200.00 pesos
Analyze the PAG provided %age table. Check the category where you’re falling according to your monthly contributions
Hence, you’re proficient in getting your TAV for your desired salary loan. When members contribute for 35 Months

PHP 200 × 35 months = 7,000 Pesos

PHP 7,000 × 60% = 4,200.00 Pesos

Applying the same formula, you can obtain your interest rate for the annual salary loan amount. Furthermore, viewing your significant role in short-term salary loans, we’ve also offered low-rated funds. This offer is open and accessible throughout the country. Meanwhile, you should remember that you have to return the same amount in your referred period to PAG IBIG.

Maximum Amount of Salary Loan

When applying for a salary loan, one common confusion is determining the amount you can acquire or the actual loanable amount of PAG IBIG for a salary loan. The fundamental fact is PAG brings 80% of members’ regular savings for the salary loan. So, you can proceed with your salary loan in two working days.

Usually, a qualifying member can borrow a maximum of 6,000,000.00 Pesos (Six Million PHP). Although, this maximum amount is repaid in a 30-year relaxing period. While applying for a salary loan, you are acquiring the maximum amount of your savings and contributions. This loan must be amortized in 24 months (2 years). Your amortizations will start after three months when your salary loan is released from the PAG IBIG counter.

Pay for Salary Loan in PAG IBIG

Loaners have the great option of Salary loan payment in 2 years. They can also pay their delayed amount and remain for 36 months (3 years).

Moreover, there are further possibilities for borrowers; suppose you’re employed, then amortization can happen from salary deduction along with employer member. If you want to pay the advanced amount, you can visit your nearest branch via your virtual access or any other easiest means of PAG IBIG.

Alternatively, while getting a salary loan as an OFW member, you can precisely pay your loan by your virtual portal or in person. You can also try any additional online platform that associates with PAG and allows you to pay your loan amount.

How can you claim your PAG Salary Loan?

When getting the membership confirmation for a salary loan, the most appreciated step is to choose the loan-releasing mode. Some of the trustworthy modes for salary loan owners are:

Check issuance
PAG issued Loyalty card plus
Credits refer to the member’s Disbursement card
Bank transfer; UCPB, DBP, or Land Bank cash card

Fortunately, you may collect your entire information and assign the PAG manager to assess your information quickly. He will analyze it and then inform you whether you qualify for it.

Pag ibig Salary Loan not Paid?

Interest and Penalties: The loan will accrue interest and may also have penalties for late payment. This can increase the total amount you owe significantly over time.
Negative Record: Non-payment or delinquency can reflect negatively on your Pag-IBIG records. This might affect your future borrowing or loan privileges with Pag-IBIG and potentially with other financial institutions.
Legal Action: If the loan remains unpaid for a significant amount of time, Pag-IBIG may take legal action to recover the unpaid amount.
Offset against Benefits: Your outstanding loan balance can be offset against any benefits you might be entitled to from Pag-IBIG, such as your Total Accumulated Value (TAV) if you decide to withdraw it.
Notification: Pag-IBIG will notify you of your unpaid balance, and it’s essential to communicate with them if you’re facing difficulty in repayment. They may offer some arrangements or restructuring options to help you settle the debt.
Credit Score Impact: The Philippines has credit reporting agencies like TransUnion or CIBI. Continuous non-payment of loans can negatively affect your credit score, making it more challenging to get loans or credit in the future.

FAQs

How much amount can I get for your salary loan from PAG IBIG?

PAG IBIG salary owners can get around 1,250,000 – 6,000,000 pesos. Though, PAG offers an 80% loan for your whole payment.

How to compute the salary amount from PAG IBIG?

Salary loaners achieve the 80% loan amount. This payment usually depends on your monthly contribution; PAG offers monthly %age and TAV.

What are the basic requirements for a salary loan?

1) Active membership of at least six months and one month of saving
2) Member’s two years regular saving plan
3) Additional documents; original and copies

Is a salary loan accessible for all members in the Philippines?

Yes, PAG IBIG has offered the salary loan along with all other loans for qualifying inhabitants. However, salary loan is allowable for OFWs, employed, and self-employed people.

Conclusion

PAG IBIG allows the salary loan as the restructuring extension, which commonly depends on your requirements and your contributed amounts. When you meet the organization’s eligibility criteria, you can get your desired interest rates. Then, you can compute your payments and make the top-notch decision to acquire your loan.

Author

Marina Aguilar
Marina Aguilar is a freelance writer and editor with a passion for personal finance and real estate. She has been writing about finance and housing for over five years and has worked with various clients, including banks, financial institutions, and real estate developers. Marina believes that everyone deserves access to affordable housing and is committed to helping Filipino workers achieve their dream of homeownership through the Pag-IBIG Fund's housing loan program. In her free time, Marina enjoys hiking, reading, and spending time with her family.
View all posts