PAG IBIG Funding Agency offers financial assistance to all government and private employees via short-term Multi-purpose loans. What is Multi Purpose Loan in Pag Ibig Fund? In 2021, PAG IBIG agency has disbursed Php38.9 billion in cash loans to its eligible members.
The purpose of this cash loan is to facilitate all qualified members their urgent expenses and to address their financial emergencies. Before applying for this short-term loan, it is essential to know why this loan is vital for you and how you can qualify for this grand offer.
CHECK: How to Apply for Multi-Purpose Loan in PAG IBIG?
Contents
- 1 What’s the Multi-Purpose Short-Term loan of PAG IBIG?
- 2 Why PAG IBIG Multi-purposes loan is worth availing of?
- 3 What are the Eligibility and Documents Requirements for PAG-IBIG MPL?
- 4 How much amount is loanable for the PAG IBIG Multi-Purpose loan (MPL) owner?
- 5 How can I Apply for MPL in PAG IBIG?
- 6 Final Statement
- 7 Author
What’s the Multi-Purpose Short-Term loan of PAG IBIG?
PAG IBIG’s Multi-purpose loan comes with cash assistance to all qualifying members. It works similarly to other government loans as well. You can gain more than 80% of your PAGIBIG regular savings with this loan processing period of two days.
You are capable of obtaining this borrowing amount and supporting your family while facing financial gaps. However, you can avail of this loan opportunity that’s straightforward and more compatible with emergencies.
However, this loan offers relief to members via:
Well, this loan may consider a member’s “Personal Loan” that’s available within a short while.
Why PAG IBIG Multi-purposes loan is worth availing of?
There are following five reasons to choose this loan:
Therefore, these are some of the major reasons why you should apply for this loan. Regarding this, you must understand the membership documentary requirements for availing of a multi-purpose loan (MPL).
FIND HERE: Pag-IBIG Multi-Purpose Loan Calculator
What are the Eligibility and Documents Requirements for PAG-IBIG MPL?
Eligibility Criteria for PAG IBIG MPL
Requirements
You must ensure accurate details about your document submission while applying for the MPL in PAG IBIG. These include:
Requirements for Employment Source Proof
Oversea Filipino Workers (OFWs)
How much amount is loanable for the PAG IBIG Multi-Purpose loan (MPL) owner?
Your loan amount is determined by multiplying your total contributed amount for the specified number of months by the applicable percentage.
You can contribute a total of Php200 monthly to your PAGIBIG account with a Php100 deduction from your monthly pay. Meanwhile, the organization may also consider another Php100 contribution by your employer as well.
| Monthly Contribution No | Total Accumulate Value (TAV) |
| 24 – 59 months | More than 60% |
| 60 – 119 months | More than 70% |
| At least 120 months | More than 80% |
Suppose you’ve accumulated 30 months of monthly contribution; you may qualify for Php3,600 MPL PAG IBIG Loan.
30 (months) X Php200
= Php6,000 X 0.60
= Php3,600
Remember that this loan allows a competitive interest rate of 10.75% annually. This interest rate is taken as the lowest rate in the country. This interest is evenly distributed throughout the loan term.
How can I Apply for MPL in PAG IBIG?
You can go for a virtual or Over-The-Counter (OTC) way to apply for this loan.
OTC Application Method
Virtually Application Method
Final Statement
Being a Filipino, you can secure a Multi-purpose loan from PAG IBIG to obtain your dreams and fulfill emergencies. This economical loan option provides flexible payment plans and attractive low rates. However, you’ve learned the eligibility criteria, requirements, and worth of this loan. So you can apply for this loan by using your convenient process, whether virtually or OTC, and enjoy your payment within two business days.
