PAG-IBIG Multi-Purpose Loan: Must-Know Details Before Applying

Here are some of the things you must know before applying for PAG-IBIG Multi-Purpose Loan.

PAG-IBIG MULTI-PURPOSE LOAN – Here are some important notes to consider before applying to PAG-IBIG multi-purpose loan.

It is important to note that Pag-IBIG Fund is to provide financial aide both to private and government employees and the multi-puspose salary loan is just a short-term program for borrowers who are qualified.

LOAN PURPOSES:

• Home renovations or improvements
• Capital for small businesses
• Educational or medical expenses
• Bills or credit card payments
• Travel
• Car repair
• Debt consolidation

QUALIFICATIONS:

• Complete contributions for 24 months or a total PAG-IBIG membership savings of at least P4,800.
• At least one PAG-IBIG membership savings in the last six (6) months a month before the application.
• If there is an existing PAG-IBIG Housing Loan, it should be of good credit standing, not on default, this is the same with an existing PAG-IBIG Multi-Purpose Salary Loan or Calamity Loan
• Present a proof of sufficient income

SALARY LOAN APPLICATION:

• Download and completely fill in the Pag-Ibig Multi-Purpose Loan Application Form (MPLAF).
• Present the following requirements: (1) Photocopy of at least two (2) valid IDs; (2) Proof of income—photocopy of latest pay slips equivalent to a month’s salary
• For employed applicants:

1. “Certificate of Monthly Net Income” at the back of the application form of MPLAF by the employer or a photocopy of a month payslip/s authenticated by the company’s authorized representative.
2. SSS or GSIS Number
   
3. Signature of employer’s Head of Office or Authorized Signatory on the MPLAF
   
4. Pag-IBIG Employer ID Number
   
5. Agency Code and Branch Code of your chosen Pag-IBIG branch

• For Self-Employed or Individual-Payor Applicants:

1. Photocopy of either Business Mayor’s Permit, Commission Vouchers, or Other valid proof of income

***The processing usually takes one to two weeks. For faster processing, file at the branch where all your records are kept.

DISBURSEMENT upon approval:

• Direct deposit to your cash card
• Payroll account card
• Through check

REPAYMENT (maximum of 24 months):

• To employed ones, it will just be automatically deducted from your salary
• For self-employed or individual-payors, they can pay through these methods:

1. An auto-debit arrangement with accredited banks
   
2. Over-the-counter payment
   
3. Remittance to Pag-IBIG office

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