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:
- “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.
- SSS or GSIS Number
- Signature of employer’s Head of Office or Authorized Signatory on the MPLAF
- Pag-IBIG Employer ID Number
- Agency Code and Branch Code of your chosen Pag-IBIG branch
- For Self-Employed or Individual-Payor Applicants:
- 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:
- An auto-debit arrangement with accredited banks
- Over-the-counter payment
- Remittance to Pag-IBIG office
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Source: eCompareMo.com
